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Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2024

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Freedom Financial Holdings (FDVA) reported Q4 2024 net income of $1.16 million ($0.16 per diluted share), compared to $344,919 in Q3 2024 and a loss of $2.01 million in Q4 2023. Full-year 2024 net income reached $4.71 million ($0.64 per share), up 103.2% from 2023.

Key Q4 metrics include: net interest margin increased to 2.44%, non-interest income grew 10.14%, and total assets reached $1.09 billion. The efficiency ratio was 84.07%, while non-accrual loans represented 1.78% of loans held-for-investment. The bank maintains strong capital ratios with a Total Capital ratio of 14.35%.

Notable developments include a decrease in uninsured deposits to 21.55% of total deposits, increased available secured liquidity at 162.14% of uninsured deposits, and continuation of an open share buyback program with 213,000 shares remaining.

Freedom Financial Holdings (FDVA) ha riportato un reddito netto per il quarto trimestre 2024 di 1,16 milioni di dollari (0,16 dollari per azione diluita), rispetto a 344.919 dollari nel terzo trimestre 2024 e una perdita di 2,01 milioni di dollari nel quarto trimestre 2023. Il reddito netto dell'intero anno 2024 ha raggiunto 4,71 milioni di dollari (0,64 dollari per azione), con un aumento del 103,2% rispetto al 2023.

I principali indicatori del quarto trimestre includono: il margine di interesse netto è aumentato al 2,44%, il reddito non da interessi è cresciuto del 10,14% e gli attivi totali hanno raggiunto 1,09 miliardi di dollari. Il rapporto di efficienza era dell'84,07%, mentre i prestiti non in scadenza rappresentavano l'1,78% dei prestiti detenuti per investimento. La banca mantiene solidi rapporti patrimoniali con un rapporto di Capitale Totale del 14,35%.

Sviluppi significativi includono una diminuzione dei depositi non assicurati al 21,55% dei depositi totali, una liquidità garantita disponibile aumentata al 162,14% dei depositi non assicurati e la continuazione di un programma di riacquisto di azioni aperto con 213.000 azioni rimanenti.

Freedom Financial Holdings (FDVA) informó un ingreso neto de $1.16 millones ($0.16 por acción diluida) para el cuarto trimestre de 2024, en comparación con $344,919 en el tercer trimestre de 2024 y una pérdida de $2.01 millones en el cuarto trimestre de 2023. El ingreso neto total del año 2024 alcanzó $4.71 millones ($0.64 por acción), un aumento del 103.2% en comparación con 2023.

Los indicadores clave del cuarto trimestre incluyen: el margen de interés neto aumentó al 2.44%, el ingreso no por intereses creció un 10.14%, y los activos totales alcanzaron $1.09 mil millones. El ratio de eficiencia fue del 84.07%, mientras que los préstamos no devengados representaron el 1.78% de los préstamos mantenidos para inversión. El banco mantiene fuertes ratios de capital con un ratio de Capital Total del 14.35%.

Desarrollos notables incluyen una disminución de los depósitos no asegurados al 21.55% de los depósitos totales, un aumento de la liquidez garantizada disponible al 162.14% de los depósitos no asegurados, y la continuación de un programa de recompra de acciones abierto con 213,000 acciones restantes.

프리덤 파이낸셜 홀딩스(FDVA)는 2024년 4분기 순이익이 116만 달러(희석 주당 0.16달러)로, 2024년 3분기의 344,919달러와 2023년 4분기의 201만 달러 손실에 비해 증가했다고 보고했습니다. 2024년 전체 연간 순이익은 471만 달러(주당 0.64달러)로, 2023년 대비 103.2% 증가했습니다.

2024년 4분기의 주요 지표로는: 순이자 마진이 2.44%로 증가하고, 비이자 수익이 10.14% 증가했으며, 총 자산은 10억 9천만 달러에 도달했습니다. 효율성 비율은 84.07%였고, 연체 대출은 투자 목적 보유 대출의 1.78%를 차지했습니다. 은행은 총 자본 비율 14.35%로 강력한 자본 비율을 유지하고 있습니다.

주요 개발 사항으로는 비보험 예금이 총 예금의 21.55%로 감소하고, 비보험 예금의 162.14%에 해당하는 담보 유동성이 증가하며, 213,000주의 남은 주식 매입 프로그램을 지속하고 있음을 포함합니다.

Freedom Financial Holdings (FDVA) a annoncé un revenu net de 1,16 million de dollars (0,16 dollar par action diluée) pour le quatrième trimestre 2024, comparé à 344 919 dollars au troisième trimestre 2024 et à une perte de 2,01 millions de dollars au quatrième trimestre 2023. Le revenu net total pour l'année 2024 a atteint 4,71 millions de dollars (0,64 dollar par action), en hausse de 103,2 % par rapport à 2023.

Les indicateurs clés du quatrième trimestre incluent : la marge d'intérêt nette a augmenté à 2,44 %, le revenu non lié aux intérêts a augmenté de 10,14 %, et les actifs totaux ont atteint 1,09 milliard de dollars. Le ratio d'efficacité était de 84,07 %, tandis que les prêts non courus représentaient 1,78 % des prêts détenus pour investissement. La banque maintient de solides ratios de capital avec un ratio de capital total de 14,35 %.

Des développements notables incluent une diminution des dépôts non assurés à 21,55 % des dépôts totaux, une augmentation de la liquidité garantie disponible à 162,14 % des dépôts non assurés, et la poursuite d'un programme de rachat d'actions ouvert avec 213 000 actions restantes.

Freedom Financial Holdings (FDVA) berichtete für das 4. Quartal 2024 ein Nettoergebnis von 1,16 Millionen Dollar (0,16 Dollar pro verwässerter Aktie), verglichen mit 344.919 Dollar im 3. Quartal 2024 und einem Verlust von 2,01 Millionen Dollar im 4. Quartal 2023. Das Nettoergebnis für das gesamte Jahr 2024 erreichte 4,71 Millionen Dollar (0,64 Dollar pro Aktie), was einem Anstieg von 103,2% gegenüber 2023 entspricht.

Wichtige Kennzahlen für das 4. Quartal umfassen: die Nettokreditmarge stieg auf 2,44%, das Zinsergebnis wuchs um 10,14% und die Gesamtaktiva erreichten 1,09 Milliarden Dollar. Die Effizienzquote betrug 84,07%, während nicht akkurierte Kredite 1,78% der für Investitionen gehaltenen Kredite ausmachten. Die Bank hält starke Kapitalquoten mit einer Gesamtkapitalquote von 14,35% aufrecht.

Bemerkenswerte Entwicklungen beinhalten einen Rückgang der nicht versicherten Einlagen auf 21,55% der Gesamteinlagen, eine erhöhte verfügbare gesicherte Liquidität von 162,14% der nicht versicherten Einlagen und die Fortsetzung eines offenen Aktienrückkaufprogramms mit verbleibenden 213.000 Aktien.

Positive
  • Net income increased 103.2% year-over-year to $4.71 million in 2024
  • Q4 net income rose 235.41% quarter-over-quarter to $1.16 million
  • Net interest margin expanded by 12 basis points in Q4
  • Non-interest income increased 10.14% in Q4
  • Available secured liquidity improved to 162.14% of uninsured deposits
  • Strong capital ratios with Total Capital ratio at 14.35%
Negative
  • Loans held-for-investment decreased by $8.16 million (1.05%) in Q4
  • Non-interest bearing deposits decreased by $10.39 million in Q4
  • Efficiency ratio deteriorated to 84.07% from 73.93% year-over-year
  • Non-accrual loans increased to 1.78% of loans held-for-investment
  • Net charge-offs increased to 0.26% of average loans in Q4

FAIRFAX, Va., Jan. 31, 2025 /PRNewswire/ -- Freedom Financial Holdings (OTCQX: FDVA), (the "Company" or "Freedom"), the holding company for The Freedom Bank of Virginia (the "Bank") today announced net income of $1,156,906, or $0.16 per diluted share for the three months ended December 31, 2024. This compares to net income of $344,919 or $0.05 per diluted share, for the linked quarter and a net loss of $2,006,392 or  -$0.27 per diluted share for the three months ended December 31, 2023.   Net income for the full year 2024, was $4,710,284 or $0.64 per diluted share, compared to $2,318,660 or $0.32 per diluted share for the full year 2023.  

Joseph J. Thomas, President, and CEO, commented, "In 2024 our team was focused on digesting growth from new client acquisitions, investing in talent and technology in the changing economic environment, and enhancing internal controls as a part of crossing $1.0 billion in total assets.  Despite the lower net interest margin and higher overhead expenses, full year net income was up 103.2% over 2023.  We experienced favorable operating trends in the fourth quarter with net income higher by 235.41% over the prior quarter to $1.16 million due to an expansion of net interest margin by 12 basis points, non-interest income increasing 10.14% on higher mortgage and SBIC income, and only a modest increase of 1.2% in non-interest expenses. Excluding AOCI adjustments, the tangible book value1 of the Company's common stock on December 31, 2024, was $13.94 per share compared to $13.25 per share on December 31, 2023, and the company continues to have an open share buyback program with 213,000 shares remaining to be purchased at year-end."

Fourth Quarter and Full Year 2024 Highlights include:

  • The Company posted net income of $1,156,906 or $0.16 per diluted share in the fourth quarter compared to net income of $344,919 or $0.05 per diluted share in the linked quarter and a net loss of $2,006,392 or -$0.27 per diluted share for the three months ending December 31, 2023.  
  • Net income for the full year 2024 was $4,710,284 or $0.64 per diluted share compared to net income of $2,318,660 or $0.32 per diluted share for the full year 2023.
  • Return on Average Assets ("ROAA") was 0.41% for the quarter ended December 31, 2024, compared to 0.12% for the linked quarter and -0.73% for the three months ended December 31, 2023. ROAA for the full year 2024 was 0.43% compared to 0.22% for the full year 2023.
  • Return on Average Equity ("ROAE") was 5.58% for the three months ended December 31, 2024, compared to 1.70% for the linked quarter and -10.51% for the three months ended December 31, 2023. ROAE for the full year 2024 was 5.93% compared to 3.01% for the full year 2023.
  • Total Assets were $1.09 billion on December 31, 2024, an increase of $5.82 million or 0.54% from total assets on December 31, 2023.
  • Loans held-for-investment (excluding PPP loans) decreased by $8.16 million or 1.05% during the quarter and decreased by $1.75 million or 0.23% for the full year 2024.
  • Total deposits increased by $21.74 million or by 2.45% in the fourth quarter and decreased by $11.53 million or 1.25% for the full year 2024. Non-interest-bearing demand deposits decreased by $10.39 million from the linked quarter to $133.67 million and were lower by $10.29 million for the full year 2024 and represented 14.70% of total deposits on December 31, 2024.
  • Tangible book value per share decreased by 0.21% during the fourth quarter and increased by 5.66% in 2024. The tangible common equity ratio was 7.47% at the end of the quarter.
  • The net interest margin2 increased in the fourth quarter to 2.44%, higher by 12 basis points compared to the linked quarter and lower by 18 basis points compared to the same period in 2023. The increase in the net interest margin across linked quarters was primarily due to a decline in funding costs that outpaced the decrease in yields on earning assets.  
  • The cost of funds was 3.46% for the fourth quarter, lower by 30 basis points compared to the linked quarter and lower by 4 basis points compared to the same period in 2023, as deposit costs decreased for interest bearing demand deposits and borrowings, driven by the Federal Reserve's reductions to the Federal Funds rate.
  • Non-interest income increased by 10.14% compared to the linked quarter and increased by 23.88% compared to the same period in 2023. Non-interest income in the full year 2024 was higher by 23.62% compared to the prior year.  The increase in non-interest income in the fourth quarter of 2024 compared to the linked quarter was primarily due to higher operating income related to SBIC investments, while the increase in non-interest income relative to the calendar quarter was due to higher gain-on-sale revenue from mortgage loans in the current quarter. The increase in non-interest income in 2024 was primarily due to higher gain-on-sale revenue from mortgage and SBA loans as well as higher operating income from SBIC investments.
  • Non-interest expense in the fourth quarter increased by 1.21% compared to the linked quarter and increased by 12.25% compared to the same period in 2023. The increase in non-interest expense for linked and calendar quarters, was primarily due to a combination of higher expenses related to compensation and data processing.
  • The Efficiency Ratio3 was 84.07% for the quarter ended December 31, 2024, compared to 88.13% for the linked quarter and 73.93% for the same period in 2023. The Efficiency Ratio for the full year 2024 was 83.59% compared to 74.56% for the full year 2023.
  • Uninsured deposits declined and were 21.55% of total deposits on December 31, 2024, compared to 25.65% on December 31, 2023.
  • Total available secured liquidity4 increased and was 162.14% of uninsured deposits on December 31, 2024, compared to 130.30% on December 31, 2023.
  • The Company charged off $2.04 million of loans in the fourth quarter and charge offs to average loans increased to 0.26% compared to 0.01% in the prior quarter.  The ratio of non-accrual loans to loans held-for-investment was 1.78% on December 31, 2024, compared to 1.72% on December 31, 2023. Seven of the loans that were on non-accrual include guaranteed portions of SBA loans, carrying the full faith and credit of the United States. Non-accrual loans with SBA guarantees totaled $4,008,365. Total SBA loans on nonaccrual were $5,101,906. The ratio of non-performing assets to total assets was 1.25% on December 31, 2024, compared to 1.22% on December 31, 2023.
  • Following an assessment of the collectability of loans held-for-investment and investment securities, the Company had a negative provision for credit losses of $14,922 in the fourth quarter, which reduced the allowance for credit losses.
  • The ratio of the allowance for credit losses to loans held-for-investment was 0.85% compared to 1.12% in the linked quarter.  
  • The Company continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 10.39%, Common Equity Tier 1 ratio of 13.57%, Tier 1 Risk Based Capital ratio of 13.55% and a Total Capital ratio of 14.35%.

Subsequent Event
In the first days of January, the bank finalized the resolution of a Classified relationship amounting to $2,483,155 in combined exposure that included $1,736,192 of nonaccrual principal.  The resolution of this 18-month workout resulted in the payment of nonaccrual interest of $233,825 and the recognition of an additional $388,955 in late charges, forbearance fees, and previously expensed legal fees.  The bank will recognize this total income of $629,056 in the first quarter and not incur any loss of principal, interest, or third-party expense in the resolution of this relationship.

Net Interest Income
The Company recorded net interest income of $6.42 million for the fourth quarter of 2024, higher by 5.34% compared to the linked quarter, and lower by 5.10% compared to the same period in 2023. The net interest margin in the fourth quarter of 2024 was 2.44%, higher by 12 basis points compared to the linked quarter and lower by 18 basis points compared to the same period in 2023. The net interest margin for the full year 2024 was 2.43%, lower by 34 basis points compared to 2023.

The following factors contributed to the changes in net interest margin during the fourth quarter of 2024 compared to the linked and calendar quarters.

  • Yields on average earning assets decreased to 5.76% compared to 5.93% in the linked quarter and 5.99% in the calendar quarter. Lower yields on investment securities and loans, driven by the Federal Reserve's actions in 2024 to reduce the target Federal Funds rate drove the decrease in yields on earning assets.
  • Loan yields decreased by 15 basis points to 6.15% from 6.30% in the linked quarter, while yields on investment securities decreased by 16 basis points to 4.69% from 4.85% in the linked quarter. Loan yields decreased by 14 basis points, while yields on investment securities decreased by 41 basis points compared to the calendar quarter.
  • Cost of funds decreased by 30 basis points to 3.46% from 3.76% in the linked quarter and decreased by 4 basis points compared to the calendar quarter, primarily due to lower rates on interest checking and money market accounts and a reduction in borrowings during the current quarter.  The decrease in deposit expense was partially offset by interest income from balance sheet hedges, in the form of interest rate swaps, whereby the bank pays a fixed rate and receives the Federal Funds effective rate for the duration of the swaps. The notional amount of the interest rate swaps was $100 million with a weighted average remaining term of 2.20 years, as of December 31, 2024.

The following factors contributed to the changes in net interest margin during the full year 2024 compared to the prior year:

  • Yields on average earning assets increased by 17 basis points to 5.90% compared to 5.73% in the prior year, driven by higher yields on loans, investments, and interest earning cash balances.
  • Loan yields increased by 20 basis points to 6.27% from 6.07% in the prior year, while yields on investment securities increased by 8 basis points to 4.83% from 4.75% in the prior year.
  • Cost of funds increased by 52 basis points to 3.61%, from 3.09% in the prior year, on higher deposit and borrowing costs.

Non-interest Income
Non-interest income was $1.27 million for the fourth quarter, an increase of 10.14% when compared to the linked quarter and an increase of 23.88% when compared to the same period in 2023. Non-interest income in 2024 was higher by 23.62% compared to the prior year. The increase in non-interest income in the fourth quarter of 2024 compared to the linked quarter was primarily due to higher operating income related to SBIC investments, while the increase in non-interest income relative to the calendar quarter was due to higher gain-on-sale revenue from mortgage loans in the current quarter. The increase in non-interest income in 2024 was primarily due to higher gain-on-sale revenue from mortgage and SBA loans as well as higher operating income from SBIC investments.

Total Revenue5
Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was higher by 6.10% compared to the linked quarter and lower by 1.28% compared to the calendar quarter in 2023. The increase in revenue compared to the linked quarter was primarily due to an increase in the net interest margin and higher non-interest income during the fourth quarter. The lower revenue compared to the calendar quarter was due to lower net interest income, resulting from net interest margin compression compared to the calendar quarter.

Total revenue for the full year 2024 was lower by 3.26% compared to 2023, primarily due to net interest margin compression related to higher funding costs in 2024.

Non-interest Expense
Non-interest expense in the fourth quarter increased by 1.21% compared to the linked quarter and increased by 12.25% compared to the same period in 2023. The increase in non-interest expense for linked and calendar quarters, was primarily due to a combination of higher expenses related to compensation and data processing. Non-interest expense for the full year 2024 were higher by 8.46% compared to the prior year, primarily due to higher occupancy costs and professional fees.

The Efficiency Ratio was 84.07% for the quarter ended December 31, 2024, compared to 88.13% for the linked quarter and 73.93% for the same period in 2023. The Efficiency Ratio for the full year 2024 was 83.59% compared to 74.56% for the full year 2023.

Asset Quality
Non-accrual loans in the fourth quarter were $13,672,696 or 1.78% of loans held-for-investment compared to $11,797,958 or 1.52% of loans held-for-investment at the end of the linked quarter. As of December 31, 2024, there were no loans that were 90 days or more past due and accruing. Seven of the loans that were on non-accrual include guaranteed portions of SBA loans, carrying the full faith and credit of the United States. Non-accrual loans with SBA guarantees totaled $4,008,365. Total SBA loans on nonaccrual were $5,101,906.  There was no Other Real Estate Owned ("OREO") on the balance sheet as of December 31, 2024. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and accruing, and OREO assets) were $13,672,696 or 1.25% of total assets as of December 31, 2024, compared to $11,797,958 or 1.07% of total assets, at the end of the linked quarter.

The Company charged off $2.04 million of loans in the fourth quarter and charge offs to average loans increased to 0.26% compared to 0.01% in the prior quarter. Following an assessment of the collectability of loans held-for-investment and investment securities, the Company had a negative provision for credit losses of $14,922 in the fourth quarter, which reduced the allowance for credit losses.

The Company's ratio of Allowance for Credit Losses to loans held-for-investment was 0.85% as of December 31 2024, compared to the ratio of Allowance for Credit Losses to loans held-for-investment of 1.37% as of December 31, 2023.

Total Assets
Total assets as of December 31, 2024, were $1.09 billion compared to  $1.10 billion on September 30, 2024, and total assets of $1.08 million on December 31, 2023.  Changes in major asset categories since December 31, 2023, were as follows:

  • Interest bearing deposits at banks increased by $1.20 million.
  • Available for sale investment balances decreased by $1.58 million.
  • Other loans held-for investment decreased by $8.16 million

Total Liabilities
Total liabilities as of December 31, 2024, were $1,009.05 million compared to total liabilities of $1,017.57 million on September 30, 2024, and $1,007.44 million on December 31, 2023. Total deposits were  $909.53 million on December 31, 2024, compared to $887.79 million on September 30, 2024, and total deposits of $921.06 million as of December 31, 2023. Non-interest-bearing demand deposits decreased by $10.39 million during the fourth quarter and comprised 14.70% of total deposits at the end of the fourth quarter. Other interest-bearing demand deposits increased by $22.02 million, savings deposits were relatively unchanged and time deposits increased by $9.45 million during the quarter. Federal Home Loan Bank borrowings were unchanged during the quarter, while the Company paid off all borrowings from the Federal Reserve Bank of Richmond related to the Bank Term Funding program during the quarter.

Stockholders' Equity and Capital
Stockholders' equity as of December 31, 2024, was $81.44 million compared to $83.03 million on September 30, 2024, and stockholders' equity of $77.23 million on December 31, 2023. AOCI decreased during the fourth quarter as there was an increase in unrealized losses on available-for-sale securities. The tangible book value of the Company's common stock on  December 31, 2024, was $11.39 per share compared to $11.64 on September 30, 2024, and tangible book value per share of $10.78  on December 31, 2023. Excluding AOCI losses/gains, the tangible book value of the Company's common stock on December 31, 2024, was $13.94 per share compared to $13.78 on September 30, 2024, and $13.25 per share on December 31, 2023.

As of December 31, 2024, the Bank's capital ratios were well above regulatory minimum capital ratios for well-capitalized bank holding companies. The Bank's capital ratios as of  December 31, 2024 and December 31, 2023, were as follows:


December 31, 2024       

     December 31, 2023




Total Capital Ratio

14.35 %

13.82 %




Tier 1 Capital Ratio

13.57 %

12,65 %




Common Equity Tier 1 Capital Ratio       

13.57 %

12.65 %




Leverage Ratio                               

10.39 %

10.26 %

About Freedom Financial Holdings, Inc.

Freedom Financial Holdings, Inc. is the holding company of The Freedom Bank of Virginia, a community bank with locations in Fairfax, Reston, Chantilly, Vienna, and Manassas, Virginia. For information about deposits, loans and other services, visit the website at www.freedom.bank.

Forward Looking Statements

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates, and expectations include: fluctuation in market rates of interest and loan and deposit pricing; general economic and financial market conditions, in the United States generally and particularly in the markets in which the Company operates and in which its loans are concentrated, including the effects of declines in real estate values, increases in unemployment levels, inflation, recessions and slowdowns in economic growth, including as a result of COVID-19 and the impact of geopolitical conflicts, such as the war between Russia and Ukraine;  adverse developments in the financial services industry such as the recent bank failures; maintenance and development of well-established and valued client relationships and referral source relationships; the adequacy or inadequacy of our allowance for loan and lease losses; acquisition or loss of key production personnel; and the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, wars, terrorist acts or public health events, and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Company's borrowers to satisfy their obligations to the Company, on the value of collateral securing loans, on the demand for the Company's loans or its other products and services, on incidents of cyberattack and fraud, on the Company's liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Company's business operations and on financial markets and economic growth. The Company cautions readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and the Company may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.


FREEDOM FINANCIAL HOLDINGS

CONSOLIDATED BALANCE SHEETS



(Unaudited)


(Unaudited)


(Audited)


December 31,


September 30,


December 31,


2024


2024


2023

ASSETS






Cash and Due from Banks

$                                     5,685,008


$                                     5,083,860


$                                     2,442,050

Interest Bearing Deposits with Banks

23,004,874


20,415,164


21,806,078

Securities Available-for-Sale

209,687,859


218,409,166


211,263,518

Securities Held-to-Maturity

20,315,651


20,355,393


20,114,269

Restricted Stock Investments

6,249,000


6,249,000


4,769,900

Loans Held for Sale

5,963,969


5,322,703


6,663,929

PPP Loans Held for Investment 

159,825


184,896


259,794

Other Loans Held for Investment 

767,737,719


775,892,983


769,484,088

Allowance for Credit Losses

(6,534,757)


(8,683,189)


(10,519,335)

Net Loans

761,362,787


767,394,689


759,224,547

Bank Premises and Equipment, net

767,773


794,326


878,957

Accrued Interest Receivable

4,155,077


4,369,935


3,721,730

Deferred Tax Asset

7,776,395


6,705,782


7,954,018

Bank-Owned Life Insurance

27,560,616


27,347,741


26,731,339

Right of Use Asset, net

1,874,403


2,022,926


1,987,075

Other Assets

16,083,800


16,125,726


17,110,642

Total Assets

$            1,090,487,212


$            1,100,596,411


$            1,084,668,051

LIABILITIES AND STOCKHOLDERS' EQUITY












Deposits






Demand Deposits






Non-interest Bearing

$                      133,665,194


$                      144,054,842


$                      143,956,306

Interest Bearing

475,397,117


453,373,867


519,339,202

Savings Deposits

3,866,241


3,209,559


4,120,770

Time Deposits

296,603,143


287,152,155


253,641,860

Total Deposits

909,531,694


887,790,424


921,058,138

Federal Home Loan Bank Advances

65,000,000


65,000,000


35,000,000

Other Borrowings

159,825


30,184,896


15,270,576

Subordinated Debt (Net of Issuance Costs)

19,850,643


19,811,162


19,752,719

Accrued Interest Payable

2,445,742


2,880,604


2,842,646

Lease Liability

2,013,912


2,156,004


1,925,672

Other Liabilities

10,045,990


9,747,107


11,590,247

Total Liabilities

$            1,009,047,807


$            1,017,570,197


$            1,007,439,998

Stockholders' Equity






Preferred stock, $0.01 par value, 5,000,000 shares authorized:






0 Shares Issued and Outstanding, December 31, 2024, September 30, 2024 and December 31, 2023






Common Stock, $0.01 Par Value, 25,000,000 Shares:






23,000,000 Shares Voting and 2,000,000 Shares Non-voting.






Voting Common Stock:






7,150,105, 6,466,105 and 6,493,684 Shares Issued and Outstanding






    at December 31, 2024, September 30, 2024 and December 31, 2023 respectively






    (Includes 118,032, 128,982 and 88,993 Unvested Shares on December 31, 2024, September 30, 2024






 and December 31, 2023 respectively)

71,501


64,661


64,937

Non-Voting Common Stock:






0, 673,000 and 673,000 Shares Issued and Outstanding at December 31, 2024, September 30, 2024 






and December 31, 2023 respectively)

-


6,730


6,730

 Additional Paid-in Capital 

58,347,356


58,147,353


58,320,419

Accumulated Other Comprehensive Income, Net

(18,240,684)


(15,296,856)


(17,715,015)

Retained Earnings

41,261,232


40,104,326


36,550,983

Total Stockholders' Equity

81,439,405


83,026,214


77,228,054

Total Liabilities and Stockholders' Equity

$            1,090,487,212


$            1,100,596,411


$            1,084,668,051

 


FREEDOM FINANCIAL HOLDINGS


CONSOLIDATED STATEMENTS OF OPERATIONS



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


For the three


For the three


For the twelve


For the twelve


months ended


months ended


months ended


months ended


December 31, 2024


December 31, 2023


December 31, 2024


December 31, 2023

Interest Income








Interest and Fees on Loans

$                        11,991,578


$                                             12,076,710


$                        48,526,496


$                        44,430,088

Interest on Investment Securities

2,798,420


2,933,870


11,529,424


10,352,686

Interest on Deposits with Other Banks

446,184


502,411


1,540,629


1,738,669

Total Interest Income

15,236,182


15,512,991


61,596,549


56,521,443

Interest Expense








Interest on Deposits

7,628,382


8,108,762


31,487,131


27,605,539

Interest on Borrowings

1,183,419


634,972


4,851,277


1,724,125

Total Interest Expense

8,811,801


8,743,734


36,338,408


29,329,664









Net Interest Income

6,424,381


6,769,257


25,258,141


27,191,779

Provision for Credit Losses

(14,922)


4,751,441


(663,966)


5,737,441

Net Interest Income after








Provision for Credit Losses

6,439,303


2,017,816


25,922,107


21,454,338

Non-Interest Income








Mortgage Loan Gain-on-Sale and Fee Revenue

769,060


467,874


2,700,247


2,086,881

 SBA Gain-on-Sale Revenue

-


-


287,032


-

Service Charges and Other Income

252,275


326,206


846,548


674,783

Gain on Sale of Securities

-


-


1,816


-

 Servicing Income

36,090


39,524


150,363


226,734

Swap Fee Income

-


-


-


-

Increase in Cash Surrender Value of Bank-








owned Life Insurance

212,876


191,788


829,278


906,943

Total Non-interest Income

1,270,301


1,025,392


4,815,284


3,895,341









Total Revenue

7,694,682


7,794,649


30,073,425


31,087,120









Non-Interest Expenses








Officer and Employee Compensation








and Benefits

3,905,728


3,293,628


14,859,514


14,322,882

Occupancy Expense

233,967


191,674


1,114,883


746,494

Equipment and Depreciation Expense

20,951


23,287


90,680


112,340

Insurance Expense

228,224


237,133


914,264


805,468

Professional Fees

451,065


524,328


2,078,782


1,565,129

Data and Item Processing

684,698


513,318


2,371,647


1,967,662

Advertising  

90,368


116,107


539,856


473,676

Franchise Taxes and State Assessment Fees

316,976


313,043


1,232,744


1,190,263

Mortgage Fees and Settlements

119,037


36,328


421,507


320,197

Other Operating Expense

417,893


514,081


1,514,380


1,673,201

Total Non-interest Expenses

6,468,907


5,762,927


25,138,257


23,177,312

Income Before Income Taxes

1,240,697


(2,719,719)


5,599,134


2,172,367

Income Tax Expense/(Benefit)

83,793


(713,291)


888,848


(146,293)

Net Income

$                             1,156,906


$                                                 (2,006,428)


$                             4,710,286


$                             2,318,660

Earnings per Common Share - Basic

$                                      0.16


$                                                          (0.27)


$                                      0.65


$                                      0.32

Earnings per Common Share - Diluted

$                                      0.16


$                                                          (0.27)


$                                      0.64


$                                      0.32

Weighted-Average Common Shares








Outstanding - Basic

7,268,087


7,335,949


7,270,960


7,292,638

Weighted-Average Common Shares 








Outstanding - Diluted

7,324,559


7,361,422


7,327,432


7,320,455

















Efficiency Ratio

84.07 %


73.93 %


83.59 %


74.56 %

 




FREEDOM FINANCIAL HOLDINGS




CONSOLIDATED STATEMENTS OF OPERATIONS  












(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)


For the three


For the three


For the three


For the three


For the three


months ended


months ended


months ended


months ended


months ended


December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023

Interest Income










Interest and Fees on Loans

$                  11,991,578


$                  12,358,391


$                  11,893,288


$                  12,283,239


$                  12,076,745

Interest on Investment Securities

2,798,420


2,932,219


2,927,306


2,871,479


2,933,870

Interest on Deposits with Other Banks  

446,184


390,373


375,815


328,257


502,411

Total Interest Income

15,236,182


15,680,983


15,196,409


15,482,975


15,513,026











Interest Expense










Interest on Deposits

7,628,382


7,968,925


7,865,934


8,023,891


8,108,762

Interest on Borrowings

1,183,419


1,613,452


1,142,481


911,926


634,972

Total Interest Expense

8,811,801


9,582,377


9,008,415


8,935,817


8,743,734











Net Interest Income

6,424,381


6,098,606


6,187,994


6,547,158


6,769,292

Provision for Credit Losses

(14,922)


546,439


(1,167,997)


(27,486)


4,751,441

Net Interest Income after










Provision/Recovery for Credit Losses

6,439,303


5,552,167


7,355,991


6,574,644


2,017,851

Non-Interest Income










Mortgage Loan Gain-on-Sale and Fee Revenue

769,060


649,097


745,366


536,724


467,874

 SBA Gain-on-Sale Revenue

-


-


-


287,032


-

Service Charges and Other Income

252,275


255,889


221,022


117,361


326,205

Gains on Sale of Securities

-


-


1,816


-



Servicing Income

36,090


36,752


42,268


35,253


39,525

Swap Fee Income

-


-


-


-


-

Increase in Cash Surrender Value of Bank-










owned Life Insurance

212,876


211,642


206,796


197,963


191,788

Total Non-interest Income

1,270,301


1,153,380


1,217,268


1,174,333


1,025,392





















Total Revenue5

$                       7,694,682


$                       7,251,986


$                       7,405,262


$                       7,721,491


$                       7,794,684











Non-Interest Expenses










Officer and Employee Compensation










and Benefits

3,905,728


3,674,499


3,544,148


3,735,139


3,293,628

Occupancy Expense

233,967


233,807


255,233


391,876


191,674

Equipment and Depreciation Expense

20,951


285,083


185,959


195,345


212,999

Insurance Expense

228,224


232,774


229,259


224,007


237,133

Professional Fees

451,065


532,379


568,765


526,574


524,328

Data and Item Processing

684,698


433,431


395,579


261,282


323,605

Advertising

90,368


172,136


162,354


114,999


116,107

Franchise Taxes and State Assessment Fees

316,976


329,056


276,843


309,869


313,043

Mortgage Fees and Settlements

119,037


123,853


83,617


95,001


36,328

Other Operating Expense

417,893


374,273


349,979


372,234


514,081











Total Non-interest Expenses

6,468,906


6,391,291


6,051,736


6,226,326


5,762,926

Income before Income Taxes

1,240,697


314,256


2,521,526


1,522,651


(2,719,683)











Income Tax Expense

83,793


(30,663)


477,293


358,425


(713,291)











Net Income

$                       1,156,906


$                          344,919


2,044,233


$                       1,164,226


$                      (2,006,392)

Earnings per Common Share - Basic

$                                0.16


$                                0.05


$                                0.28


$                                0.16


$                               (0.27)

Earnings per Common Share - Diluted

$                                0.16


$                                0.05


$                                0.28


$                                0.16


$                               (0.27)

Weighted-Average Common Shares










Outstanding - Basic

7,268,087


7,263,880


7,267,044


7,285,108


7,335,949

Weighted-Average Common Shares 










Outstanding - Diluted

7,324,559


7,299,553


7,305,392


7,325,415


7,361,422

 

Average Balances, Income and Expenses, Yields and Rates






























(Unaudited)
































































Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended







December 31, 2024






September 30, 2024






June 30, 2024






March 31, 2024






December 31, 2023







Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield

Assets































Cash


$                                      39,134,308


$           446,184


4.54 %


$                                      29,674,932


$           390,373


5.23 %


$                                      26,916,165


$           375,815


5.62 %


$                                      28,655,861


$           328,257


4.61 %


$                                      36,921,568


$           502,411


5.40 %
































Investments (Tax Exempt)


20,664,409


201,561




20,716,896


203,062




20,889,466


204,795




21,297,872


204,625




20,012,255


195,353



Investments (Taxable)


220,415,008


2,639,187




223,526,525


2,771,800




222,105,603


2,765,518




219,134,075


2,709,825




211,208,265


2,779,541



Total Investments


241,079,417


2,840,748


4.69 %


244,243,421


2,974,862


4.85 %


242,995,069


2,970,313


4.92 %


240,431,947


2,914,450


4.88 %


231,220,520


2,974,894


5.10 %
































Total Loans 


775,756,877


11,991,578


6.15 %


780,143,594


12,358,391


6.30 %


768,712,204


11,893,288


6.22 %


773,171,917


12,283,239


6.39 %


761,583,960


$12,076,745


6.29 %
































Earning Assets


1,055,970,602


15,278,510


5.76 %


1,054,061,947


15,723,626


5.93 %


1,038,623,438


15,239,416


5.90 %


1,042,259,725


15,525,946


5.99 %


1,029,726,048


15,554,050


5.99 %






























































































Assets


$                                 1,110,466,582






$                                 1,111,788,038






$                                 1,096,367,899






$                                 1,093,119,403






$                                 1,084,945,735




































Liabilities































Interest Checking


$                                    209,540,976


$        2,092,017


3.97 %


$                                    204,529,638


$        2,268,166


4.41 %


$                                    226,698,645


$        2,476,138


4.39 %


$                                    229,520,401


$        2,515,315


4.41 %


$                                    221,430,570


$        2,364,166


4.24 %

Money Market


257,016,702


2,412,389


3.73 %


259,041,124


2,686,977


4.13 %


230,692,880


2,480,219


4.32 %


274,088,309


2,930,085


4.30 %


288,937,873


2,738,774


3.76 %

Savings


3,151,116


1,185


0.15 %


3,098,470


1,188


0.15 %


2,544,712


993


0.16 %


3,416,245


1,129


0.13 %


4,155,974


1,238


0.12 %

Time Deposits 


291,606,111


3,122,791


4.26 %


286,346,982


3,012,594


4.19 %


287,465,021


2,908,583


4.07 %


261,965,440


2,577,362


3.96 %


258,903,945


3,004,586


4.60 %

Interest Bearing Deposits


761,314,905


7,628,382


3.99 %


753,016,214


7,968,925


4.21 %


747,401,258


7,865,933


4.23 %


768,990,395


8,023,891


4.20 %


773,428,362


8,108,764


4.16 %
































Borrowings


$                                      98,205,747


$        1,183,419


4.79 %


$                                    118,452,626


$        1,613,452


5.42 %


$                                    108,848,304


$        1,142,481


4.22 %


$                                      84,021,016


$           911,926


4.37 %


$                                      56,817,293


$           634,972


4.43 %
































Interest Bearing Liabilities


859,520,652


8,811,801


4.08 %


871,468,840


9,582,377


4.37 %


856,249,562


9,008,414


4.23 %


853,011,411


8,935,817


4.21 %


830,245,655


8,743,736


4.18 %
































Non Interest Bearing Deposits


$                                    153,895,858






$                                    143,171,313






$                                    146,541,629






$                                    146,048,180






$                                    161,836,675




































Cost of Funds






3.46 %






3.76 %






3.61 %






3.60 %






3.50 %
































Net Interest Margin




$        6,466,709


2.44 %




$        6,141,249


2.32 %




$        6,231,002


2.41 %




$        6,590,129


2.54 %




$        6,810,314


2.62 %

Shareholders Equity


$                                      82,536,219






$                                      80,948,259






$                                      76,737,805






$                                      77,333,773






$                                      75,770,938





 

 Average Balances, Income and Expenses, Yields and Rates 

























(Unaudited)




















































Three Months Ended






Three Months Ended






Twelve Months Ended






Twelve Months Ended







December 31, 2024






December 31, 2023






December 31, 2024






December 31, 2023
































Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield


Average Balance


Income /Expense


Yield


Average Balance


Income /Expense


Yield


























Assets

























Cash


$                                39,134,308


$              446,184


4.54 %


$              36,921,568


$               502,411


5.40 %


$               31,113,400


$                  1,540,629


4.95 %


$               35,860,736


$     1,738,669


4.85 %


























Investments (Tax Exempt)


20,664,409


201,561




20,012,255


195,353




20,891,060


814,043




20,786,785


763,153



Investments (Taxable)


220,415,008


2,639,187




211,208,265


2,779,541




221,298,993


10,886,330




200,339,079


9,749,795



Total Investments


241,079,417


2,840,748


4.69 %


231,220,520


2,974,894


5.10 %


242,190,053


11,700,373


4.83 %


221,125,864


10,512,948


4.75 %


























Total Loans 


775,756,877


11,991,578


6.15 %


761,583,960


$12,076,745


6.29 %


774,465,296


48,526,496


6.27 %


732,216,161


44,430,123


6.07 %


























Earning Assets


1,055,970,602


15,278,510


5.76 %


1,029,726,048


15,554,050


5.99 %


1,047,768,749


61,767,498


5.90 %


989,202,761


56,681,740


5.73 %


























Assets


$                           1,110,466,582






$         1,084,945,735






$          1,102,980,245






$          1,043,519,071






























Liabilities

























Interest Checking


$                              209,540,976


$           2,092,017


3.97 %


$            221,430,570


$            2,364,166


4.24 %


$             217,514,835


$                  9,351,636


4.30 %


$             197,028,897


$     7,707,052


3.91 %

Money Market


257,016,702


2,412,389


3.73 %


288,937,873


2,738,774


3.76 %


255,225,159


10,509,670


4.12 %


280,744,073


9,466,984


3.37 %

Savings


3,151,116


1,185


0.15 %


4,155,974


1,238


0.12 %


3,053,030


4,496


0.15 %


5,268,279


6,460


0.12 %

Time Deposits 


291,606,111


3,122,791


4.26 %


258,903,945


3,004,586


4.60 %


281,884,854


11,621,330


4.12 %


248,887,291


10,425,044


4.19 %

Interest Bearing Deposits


761,314,905


7,628,382


3.99 %


773,428,362


8,108,764


4.16 %


757,677,877


31,487,131


4.16 %


731,928,540


27,605,540


3.77 %


























Borrowings


$                                98,205,747


$           1,183,419


4.79 %


$              56,817,293


$               634,972


3.50 %


102,414,440


$                  4,851,277


4.74 %


$               48,072,327


1,724,125


3.59 %


























Interest Bearing Liabilities


859,520,652


8,811,801


4.08 %


830,245,655


8,743,736


4.18 %


860,092,317


36,338,407


4.22 %


780,000,868


29,329,665


3.76 %


























Non Interest Bearing Deposits


$                              153,895,858






$            161,836,675






$             147,420,361






$             169,314,018






























Cost of Funds






3.46 %






3.50 %






3.61 %






3.09 %


























Net Interest Margin




$           6,466,709


2.44 %




$            6,810,314


2.62 %




$                25,429,091


2.43 %




$   27,352,075


2.77 %

Shareholders Equity


$                                82,536,219






$              75,770,938






$               79,401,873






$               76,923,708





ROAA


0.41 %












0.43 %






0.22 %





ROAE


5.58 %












5.93 %






3.01 %





 

Selected Financial Data by Quarter Ended:






(Unaudited)






Balance Sheet Ratios

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

Loans held-for-investment to Deposits 

84.43 %

87.42 %

88.20 %

85.07 %

83.57 %

Income Statement Ratios (Quarterly)






Return on Average Assets (ROAA)

0.41 %

0.12 %

0.75 %

0.43 %

-0.73 %

Return on Average Equity (ROAE)

5.58 %

1.70 %

10.71 %

6.05 %

-10.51 %

Efficiency Ratio

84.07 %

88.13 %

81.72 %

80.64 %

73.93 %

Net Interest Margin

2.44 %

2.32 %

2.41 %

2.54 %

2.62 %

Yield on Average Earning Assets

5.76 %

5.93 %

5.90 %

5.99 %

5.99 %

Yield on Securities

4.69 %

4.85 %

4.92 %

4.88 %

5.10 %

Yield on Loans

6.15 %

6.30 %

6.22 %

6.39 %

6.29 %

Cost of Funds

3.46 %

3.76 %

3.61 %

3.60 %

3.50 %

Noninterest income to Total Revenue

16.51 %

15.90 %

16.44 %

15.21 %

13.16 %

Liquidity Ratios






Uninsured Deposits to Total Deposits

21.55 %

22.51 %

22.76 %

24.31 %

25.65 %

Total Liquidity to Uninsured Deposits

162.14 %

150.84 %

150.53 %

156.40 %

130.30 %

Total Liquidity to Unfunded Commitments, CDs and Borrowings maturing in next 30 days

264.35 %

264.41 %

317.68 %

386.89 %

258.25 %

Tangible Common Equity Ratio 

7.47 %

7.54 %

7.24 %

7.09 %

7.12 %

Tangible Common Equity Ratio (adjusted for unrealized losses on HTM securities)

7.27 %

7.38 %

7.01 %

6.85 %

6.88 %







Available -for-Sale securities (as % of total securities)

91.16 %

91.47 %

91.33 %

91.24 %

91.31 %

Per Share Data






Tangible Book Value

$11.39

$11.64

$11.11

$10.83

$10.78

Tangible Book Value (ex AOCI)

$13.94

$13.78

$13.70

$13.39

$13.25

Share Price Data






Closing Price

$10.32

$11.50

$9.75

$9.75

$10.42

Book Value Multiple

91 %

99 %

88 %

92 %

97 %

Common Stock Data






Outstanding Shares at End of Period

7,150,055

7,133,105

7,137,030

7,155,058

7,166,684

Weighted Average shares outstanding, basic

7,268,087

7,263,880

7,267,044

7,285,108

7,335,949

Weighted Average shares outstanding, diluted

7,324,559

7,299,553

7,305,392

7,325,415

7,361,422

Capital Ratios (Bank Only)






Tier 1 Leverage ratio

10.39 %

10.23 %

10.28 %

10.26 %

10.26 %

Common Equity Tier 1 ratio

13.57 %

13.21 %

13.05 %

12.92 %

12.65 %

Tier 1 Risk Based Capital ratio

13.57 %

13.21 %

13.05 %

12.92 %

12.65 %

Total Risk Based Capital ratio

14.35 %

14.22 %

14.01 %

14.00 %

13.82 %

Credit Quality






Net Charge-offs to Average Loans

0.26 %

0.01 %

0.01 %

0.14 %

0.19 %

Total Non-performing Loans to loans held-for-investment

1.78 %

1.52 %

1.49 %

1.74 %

1.72 %

Total Non-performing Assets to Total Assets

1.25 %

1.07 %

1.06 %

1.21 %

1.22 %

Nonaccrual Loans to loans held-for-investment

1.78 %

1.52 %

1.49 %

1.74 %

1.72 %

Provision for Credit Losses

($14,922)

$546,439

($1,167,997)

($27,486)

$4,751,441

Allowance for Credit Losses to net loans held-for-investment

0.85 %

1.12 %

1.06 %

1.24 %

1.37 %

Allowance for Credit Losses to net loans held-for-investment (ex PPP loans)

0.85 %

1.12 %

1.06 %

1.24 %

1.37 %

 





FREEDOM FINANCIAL HOLDINGS, INC.











CONSOLIDATED SELECTED FINANCIAL DATA











RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
































































1Tangible Book Value (ex-AOCI) (non-GAAP)

Quarter Ending










December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023







Shareholder's Equity

$                         81,439,405


$               83,026,214


$               79,303,635


$               77,460,385


$               77,228,054







Outstanding Shares at End of Period

7,150,055


7,133,105


7,137,030


7,155,058


7,166,684







Tangible Book Value (GAAP)

$                                  11.39


$                        11.64


$                        11.11


$                        10.83


$                        10.78







Accumulated Other Comprehensive Income (Net) (AOCI)

$                        (18,240,684)


$              (15,296,856)


$              (18,466,282)


$              (18,326,721)


$              (17,715,015)







AOCI per share equivalent

(2.55)


(2.14)


(2.59)


(2.56)


(2.47)







Tangible Book Value (ex-AOCI) (non-GAAP)

$                                  13.94


$                        13.78


$                        13.70


$                        13.39


$                        13.25



























Quarter Ending



Year Ending

Income on Tax Exempt Securities


December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023




December 31, 2024


December 31, 2023

Tax Equivalent Adjustment


$                              159,233


$                    160,419


$                    161,788


$                    161,654


$                    154,329




$                    643,094


$                    602,891

Income on Tax Exempt Securities (Non-GAAP)

42,328


42,643


43,007


42,971


41,024




170,949


$                    160,262





$                              201,561


$                    203,062


$                    204,795


$                    204,625


$                    195,353




$                    814,043


$                    763,153
























Quarter Ending



Year Ending

2Net Interest Margin



December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023




December 31, 2024


December 31, 2023

Average Earning Assets



$                    1,055,970,602


$          1,054,061,947


$          1,038,623,438


$          1,042,259,725


$          1,029,726,048




$          1,047,768,749


$             989,202,761

Yield on Interest Earning Assets (GAAP)

5.80 %


5.98 %


5.88 %


5.97 %


5.98 %




5.88 %


5.71 %

Yield on Interest-Earning Assets (FTE) (Non-GAAP)

5.76 %


5.93 %


5.90 %


5.99 %


5.99 %




5.90 %


5.73 %

Net Interest Margin (NIM) (GAAP)


2.45 %


2.33 %


2.40 %


2.53 %


2.61 %




2.41 %


2.75 %

Net Interest Margin (NIM) (FTE) (Non-GAAP)

2.44 %


2.32 %


2.41 %


2.54 %


2.62 %




2.43 %


2.77 %




















2 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank's net yield on its earning assets




























3Efficiency Ratio (Non-GAAP)


 Quarter Ending



Year Ending





December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023




December 31, 2024


December 31, 2023

Net Interest Income



$                           6,424,381


$                 6,098,606


$                 6,187,994


$                 6,547,158


$                 6,769,292




$               25,258,141


$               27,191,779

Non-Interest Income



1,270,301


1,153,380


1,217,268


1,174,333


1,025,392




4,815,284


3,895,341

Total Revenue



$                           7,694,682


$                 7,251,985


$                 7,405,262


$                 7,721,491


$                 7,794,684




$               30,073,425


$               31,087,120

Non-Interest Expense



6,468,906


6,391,291


6,051,736


6,226,326


5,762,926




25,138,257


23,177,312

Efficiency Ratio (Non-GAAP)


84.07 %


88.13 %


81.72 %


80.64 %


73.93 %




83.59 %


74.56 %




















4Liquidity Ratios (Non-GAAP)


Quarter Ending










December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023







Available-for-Sale Securities (as % of total securities)

91.16 %


91.47 %


91.33 %


91.31 %


91.31 %







Uninsured Deposits to Total Deposits

21.55 %


22.51 %


22.76 %


24.31 %


25.65 %







Total Liquidity to Uninsured Deposits

162.14 %


150.84 %


150.53 %


156.40 %


130.30 %







Total Liquidity to Unfunded Commitments, CDs and Borrowings maturing in next 30 days

264.35 %


264.41 %


317.68 %


386.89 %


258.26 %







Tangible Common Equity Ratio


7.47 %


7.54 %


7.24 %


7.09 %


7.12 %







Tangible Common Equity Ratio(adjusted for unrealized losses 

7.27 %


7.38 %


7.01 %


6.85 %


6.88 %







on HTM Securities)





































4Total Liquidity is the sum of cash, cash balances at banks, unencumbered available-for-sale securities and secured borrowing availability at the Federal Reserve and the Federal Home Loan Bank.



























5Total Revenue (Non-GAAP)


Quarter Ending



Year Ending





December 31, 2024


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023




December 31, 2024


December 31, 2023

Net Interest Income



$                           6,424,381


$                 6,098,606


$                 6,187,994


$                 6,547,158


$                 6,769,292




$               25,258,141


$               27,191,779

Non-Interest Income



1,270,301


1,153,380


1,217,268


1,174,333


1,025,392




4,815,284


3,895,341

Total Revenue (non-GAAP)


$                           7,694,682


$                 7,251,985


$                 7,405,262


$                 7,721,491


$                 7,794,684




$               30,073,426


$               31,087,120

 

Contact:
Joseph J. Thomas
President & Chief Executive Officer
703-667-4161: Phone
jthomas@freedom.bank: Email

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/freedom-financial-holdings-announces-earnings-for-fourth-quarter-and-full-year-2024-302364964.html

SOURCE Freedom Financial Holdings

FAQ

What was FDVA's net income for Q4 2024?

Freedom Financial Holdings reported net income of $1,156,906 ($0.16 per diluted share) for Q4 2024.

How much did FDVA's full-year 2024 earnings increase compared to 2023?

FDVA's full-year net income increased by 103.2% to $4,710,284 in 2024, compared to $2,318,660 in 2023.

What was FDVA's net interest margin in Q4 2024?

FDVA's net interest margin was 2.44% in Q4 2024, an increase of 12 basis points from the previous quarter.

What is FDVA's current capital position as of Q4 2024?

FDVA maintains strong capital ratios with a Leverage ratio of 10.39%, Common Equity Tier 1 ratio of 13.57%, and Total Capital ratio of 14.35%.

How many shares remain in FDVA's buyback program at the end of 2024?

FDVA had 213,000 shares remaining to be purchased in its open share buyback program at year-end 2024.

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FDVA Latest News

Oct 25, 2024
Freedom Financial Holdings Announces Earnings for Third Quarter of 2024
Jul 26, 2024
Freedom Financial Holdings Announces Earnings for Second Quarter of 2024
Apr 25, 2024
Freedom Financial Holdings Announces Earnings for First Quarter of 2024 and Reauthorization of Stock Buyback Program
Jan 26, 2024
Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2023
Oct 27, 2023
Freedom Financial Holdings Announces Earnings for Third Quarter of 2023

FDVA Stock Data

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