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Freedom Financial Holdings Announces Earnings for Second Quarter of 2024

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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 (OTCQX: FDVA) ha riportato un reddito netto di $2.044.233 o $0,28 per azione diluita per il Q2 2024, un aumento del 75,6% rispetto al Q1 2024 e del 15,5% rispetto al Q2 2023. I risultati robusti sono stati in parte dovuti a un rilascio di riserve legato alla risoluzione del più grande prestito non performante. Il totale degli attivi ha raggiunto $1,10 miliardi, con un incremento dell'1,05% rispetto al 31 dicembre 2023. I prestiti detenuti per investimento sono aumentati dell'1,97%, mentre i depositi totali sono diminuiti dell'1,65%. Il margine di interesse netto è sceso al 2,41%, in calo di 13 punti base rispetto al Q1 2024. Il reddito non da interessi è aumentato del 3,66% rispetto al Q1 2024, mentre le spese non da interessi sono diminuite del 2,80%. Il rapporto di efficienza era dell'81,72%. L'azienda rimane ben capitalizzata con solidi rapporti patrimoniali.

Freedom Financial Holdings (OTCQX: FDVA) reportó un ingreso neto de $2,044,233 o $0.28 por acción diluida para el Q2 2024, un aumento del 75.6% en comparación con el Q1 2024 y un 15.5% por encima del Q2 2023. Las ganancias sólidas se debieron en parte a la liberación de reservas relacionada con la resolución del préstamo no productivo más grande. Los activos totales alcanzaron $1.10 mil millones, aumentando un 1.05% desde el 31 de diciembre de 2023. Los préstamos mantenidos para inversión aumentaron un 1.97%, mientras que los depósitos totales disminuyeron un 1.65%. El margen de interés neto disminuyó al 2.41%, bajando 13 puntos base desde el Q1 2024. Los ingresos no por intereses aumentaron un 3.66% en comparación con el Q1 2024, mientras que los gastos no por intereses disminuyeron un 2.80%. El coeficiente de eficiencia fue del 81.72%. La compañía sigue bien capitalizada con fuertes ratios de capital.

프리덤 파이낸셜 홀딩스 (OTCQX: FDVA)는 Q2 2024에 대해 순이익이 $2,044,233 또는 주당 $0.28이라고 보고했으며, 이는 Q1 2024에 비해 75.6% 증가한 수치이고 Q2 2023보다 15.5% 높은 수치입니다. 이러한 강력한 수익은 가장 큰 부실 대출의 해결과 관련된 준비금 방출 덕분이었습니다. 총 자산은 $1.10억을 기록하며, 2023년 12월 31일 대비 1.05% 상승했습니다. 투자 보유 대출은 1.97% 증가했으나, 총 예금은 1.65% 감소했습니다. 순이자 마진은 2.41%로 감소했으며, 이는 Q1 2024 대비 13bp 하락입니다. 비이자 수익은 Q1 2024에 비해 3.66% 증가했으며, 비이자 비용은 2.80% 감소했습니다. 효율성 비율은 81.72%였습니다. 회사는 탄탄한 자본 비율을 유지하며 잘 자본화되어 있습니다.

Freedom Financial Holdings (OTCQX: FDVA) a annoncé un revenu net de 2 044 233 $ ou 0,28 $ par action diluée pour le Q2 2024, soit une augmentation de 75,6 % par rapport au Q1 2024 et de 15,5 % par rapport au Q2 2023. Les résultats solides sont en partie dus à une libération de réserves liée à la résolution du plus grand prêt non performant. Les actifs totaux ont atteint 1,10 milliard $, en hausse de 1,05 % par rapport au 31 décembre 2023. Les prêts détenus pour investissement ont augmenté de 1,97 %, tandis que les dépôts totaux ont diminué de 1,65 %. La marge d'intérêt nette a diminué à 2,41 %, soit une baisse de 13 points de base par rapport au Q1 2024. Les revenus non liés aux intérêts ont augmenté de 3,66 % par rapport au Q1 2024, tandis que les dépenses non liées aux intérêts ont diminué de 2,80 %. Le ratio d'efficacité était de 81,72 %. L'entreprise reste bien capitalisée avec de solides ratios de capital.

Freedom Financial Holdings (OTCQX: FDVA) berichtete von einem Nettogewinn von 2.044.233 $ oder 0,28 $ pro verwässerter Aktie für das Q2 2024, was einen Anstieg von 75,6% im Vergleich zum Q1 2024 und einen Anstieg von 15,5% im Vergleich zum Q2 2023 bedeutet. Die starken Gewinne waren teilweise auf die Freigabe von Rücklagen im Zusammenhang mit der Lösung des größten notleidenden Kredits zurückzuführen. Die Gesamtaktiva stiegen auf 1,10 Milliarden $, ein Anstieg um 1,05% seit dem 31. Dezember 2023. Die für Investitionen gehaltenen Kredite stiegen um 1,97%, während die Gesamteinlagen um 1,65% zurückgingen. Die Nettomarge sinkt auf 2,41%, 13 Basispunkte niedriger als im Q1 2024. Die nichtzinsbezogenen Einnahmen stiegen im Vergleich zum Q1 2024 um 3,66%, während die nichtzinsbezogenen Ausgaben um 2,80% zurückgingen. Die Effizienzquote betrug 81,72%. Das Unternehmen bleibt gut kapitalisiert mit starken Kapitalquoten.

Positive
  • Net income increased 75.6% from Q1 2024 and 15.5% from Q2 2023
  • Tangible Book Value per share increased to $11.11 from $10.78 on December 31, 2023
  • Total assets grew 1.05% to $1.10 billion
  • Loans held-for-investment increased by 1.97%
  • Non-interest income increased by 3.66% compared to Q1 2024
  • Non-interest expense decreased by 2.80% compared to Q1 2024
  • Strong capital ratios with Leverage ratio of 10.28% and Total Capital ratio of 14.01%
Negative
  • Total deposits decreased by 1.65% during the quarter
  • Net interest margin decreased to 2.41%, down 13 basis points from Q1 2024 and 35 basis points from Q2 2023
  • Cost of funds increased by 1 basis point to 3.61% from Q1 2024
  • Efficiency Ratio increased to 81.72% from 80.64% in Q1 2024 and 69.02% in Q2 2023
  • Non-interest expense increased by 12.27% compared to Q2 2023

FAIRFAX, Va., July 26, 2024 /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 $2,044,233 or $0.28 per diluted share for the second quarter compared to net income of $1,164,226, or $0.16 per diluted share for the three months ended March 31, 2024, and net income of $1,770,075 or $0.24 per diluted share for the three months ended June 30, 2023. Net income for the six months ended June 30, 2024, was $3,208,460 or $0.44 per diluted share, compared to $3,006,710 or $0.41 per diluted share for the six months, ended June 30, 2023.  

Joseph J. Thomas, President, and CEO, commented, "Our strong earnings in the second quarter, an improvement of 75.6% relative to the linked quarter and 15.5% ahead of the calendar quarter, were achieved in part through a reserve release related to the favorable resolution of our largest non-performing loan. While deposit costs stabilized in the second quarter, loan yields and legal expenses were negatively impacted by our efforts to proactively resolve high-yielding problem loans.  Loan growth in the quarter came from the exceptional efforts of our residential mortgage team and our tactical decision to retain loans on balance sheet given the attractive economics and favorable capital treatment.  Looking forward, the additions to our executive team and commercial banking practices this quarter, combined with strong balance sheet capacity, and growing confidence in a soft landing for the economy should lead to higher levels of loan and deposit growth in the second half of 2024. 

Second Quarter 2024 Highlights include:

  • The Company posted net income of $2,044,233 or $0.28 per diluted share for the second quarter compared to net income of $1,164,226 or $0.16 per diluted share for the three months ended March 31, 2024, and net income of $1,770,075 or $0.24 per diluted share for the three months ending June 30, 2023.
  • Tangible Book Value per share1 increased during the quarter to $11.11 on June 30, 2024, compared to $10.78 on December 31, 2023.
  • Return on Average Assets ("ROAA") was 0.75% for the quarter ended June 30, 2024, compared to ROAA of 0.43% for the quarter ended March 31, 2024, and 0.69% for the three months ended June 30, 2023.
  • Return on Average Equity ("ROAE") was 10.71% for the quarter ended June 30, 2024, compared to ROAE of 6.05% for the three months ended March 31, 2024, and 9.15% for the three months ended June 30, 2023.
  • Total Assets were $1.10 billion on June 30, 2024, an increase of $11.44 million or 1.05% from total assets on December 31, 2023.
  • Loans held-for-investment (excluding PPP loans) increased by $14.99 million or 1.97% during the quarter.
  • Total deposits decreased by $14.73 million or by 1.65% during the quarter, largely due to seasonal activity. Non-interest-bearing demand deposits decreased by $5.21 million from the linked quarter to $136.49 million and represented 15.52% of total deposits on June 30, 2024.
  • The net interest margin2 decreased in the second quarter to 2.41%, lower by 13 basis points compared to the linked quarter and lower by 35 basis points compared to the same period in 2023. The decrease in the net interest margin across linked quarters was primarily related to expected payoffs of high yielding problem loans during the quarter.
  • The cost of funds was 3.61% for the second quarter, higher by 1 basis point compared to the linked quarter and higher by 56 basis points compared to the same period in 2023, as changes in deposit and borrowing costs moderated, supplemented by income from balance sheet hedges.
  • Non-interest income increased by 3.66% compared to the linked quarter and increased by 9.47% compared to the same period in 2023. The increase in non-interest income in the second quarter of 2024 compared to the linked quarter was primarily due to higher revenue from mortgage loans and an increase in the value of investments in SBIC's.
  • Non-interest expense in the second quarter decreased by 2.80% compared to the linked quarter and increased by 12.27% compared to the same period in 2023. The decrease in non-interest expense compared to the linked quarter, was primarily due to lower expenses related to compensation and occupancy. The increase in expenses compared to the calendar quarter was primarily related to higher occupancy costs, increased FDIC insurance costs and higher professional fees, in the form of legal costs related to loan workouts, as well as accounting fees related to FDICIA internal controls.
  • The Efficiency Ratio3 was 81.72% for the quarter ended June 30, 2024, compared to 80.64% for the linked quarter and 69.02% for the same period in 2023.
  • Uninsured deposits were 22.76% of total deposits and total available secured liquidity4 was 150.53% of uninsured deposits on June 30, 2024.
  • Net charge offs decreased in the second quarter and were 0.01% of average loans compared to 0.14% in the prior quarter. The ratio of non-accrual loans to loans held-for-investment was 1.49% on June 30, 2024, compared to 1.74% on March 31, 2024, and 0.93% on June 30, 2023. The ratio of non-performing assets to total assets was 1.06% on June 30, 2024, compared to 1.21% on March 31, 2024, and 0.65% on June 30, 2023.
  • Following the resolution of our largest non-performing loan, and an assessment of the collectability of loans held-for-investment, the Company had a negative loan loss provision of $1,167,997 in the second quarter, which reduced the allowance for losses.
  • The ratio of the allowance for loan losses to loans held-for-investment was 1.06% compared to 1.24% in the linked quarter.
  • The Company continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 10.28%, Common Equity Tier 1 ratio of 13.05%, Tier 1 Risk Based Capital ratio of 13.05% and a Total Capital ratio of 14.01%.

Net Interest Income
The Company recorded net interest income of $6.19 million for the second quarter of 2024, lower by 5.49% compared to the linked quarter, and lower by 7.61% compared to the same period in 2023. The net interest margin in the second quarter of 2024 was 2.41%, lower by 13 basis points compared to the linked quarter and lower by 35 basis points compared to the same period in 2023.

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

  • Yields on average earning assets were 5.90% in the second quarter of 2024, lower by 9 basis points compared to the linked quarter, and higher by 22 basis points compared to the calendar quarter. The decline in yields on average earning assets in the second quarter was primarily due to a decline in loan yields, largely related to expected payoffs of high yielding problem loans during the quarter.
  • Loan yields decreased by 17 basis points to 6.22% from 6.39% in the linked quarter, while yields on investment securities increased by 4 basis points to 4.92% from 4.88% in the linked quarter. Loan yields increased by 22 basis points, while yields on investment securities increased by 21 basis points compared to the calendar quarter.
  • Cost of funds increased by 1 basis point to 3.61% from 3.60% in the linked quarter, and by 56 basis points compared to the calendar quarter, as changes in deposit and borrowing costs moderated, supplemented by income from balance sheet hedges. Deposit costs declined for non-maturity deposits and borrowings and were marginally higher for time deposits. Balance sheet hedges also offset any increase in deposit costs. The balance sheet hedges are in the form of interest rate swaps. The bank had $80 million in pay-fixed, receive floating swaps at the end of the quarter, and $20 million of a receive fixed, pay floating interest rate swap executed in the second quarter, as a hedge against declining rates on variable rate commercial loans.

Non-interest Income
Non-interest income was $1.22 million for the second quarter, an increase of 3.66% when compared to the linked quarter and an increase of 9.47% when compared to the same period in 2023. The increase in non-interest income in the second quarter of 2024 compared to the linked quarter was primarily due to higher revenue from mortgage loans and an increase in the value of investments in SBIC's.

Total Revenue5
Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was lower by 4.10% compared to the linked quarter and lower by 5.18% compared to the calendar quarter in 2023. The decrease in total revenue compared to the linked quarter was primarily due to a decrease in the net interest margin, driven by a decline in loan yields, largely related to planned loan payoffs in the second quarter.

Non-interest Expense
Non-interest expense in the second quarter decreased by 2.80% compared to the linked quarter and increased by 12.27% compared to the same period in 2023. The decrease in non-interest expense compared to the linked quarter, was primarily due to lower expenses related to compensation and occupancy. The increase in expenses compared to the calendar quarter was primarily related to higher occupancy costs, increased FDIC insurance costs and higher professional fees, in the form of legal costs related to loan workouts, as well as accounting fees related to FDICIA internal controls.   

The Efficiency Ratio was 81.72% for the quarter ended June 30, 2024, compared to 80.64% for the linked quarter and 69.02% for the same period in 2023.  

Asset Quality
Non-accrual loans declined in the second quarter and were at $11,570,865 or 1.21% of loans held-for-investment compared to $13,236,862 or 1.74% of loans held-for-investment at the end of the linked quarter. As of June 30, 2024, there were no loans that were 90 days or more past due and accruing.  There was no Other Real Estate Owned ("OREO") on the balance sheet as of June 30, 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 $11,570,865 or 1.06% of total assets as of June 30, 2024, compared to $13,236,852 or 1.21% of total assets, at the end of the linked quarter.

Following the resolution of our largest non-performing loan, and an assessment of the collectability of loans held for-investment, the Company had a negative loan loss provision of $1,167,997 in the second quarter, which reduced the allowance for losses.

The Company's ratio of Allowance for Loan Losses to loans held-for-investment was 1.06% as of June 30, 2024, compared to the ratio of Allowance for Loan Losses to loans held-for-investment of 1.24% as of March 31, 2024.

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

  • Interest bearing deposits at banks decreased by $11.06 million.
  • Available for sale investment balances increased by $7.44 million.
  • Other loans held-for investment increased by $5.88 million

Total Liabilities
Total liabilities on June 30, 2024, were $1.02 billion compared to total liabilities of $1.01 billion on March 31, 2024, and total liabilities of $1.00 billion on December 31, 2023. Total deposits were  $879.38 million on June 30, 2024, compared to total deposits of $894.11 million on March 31, 2024, and total deposits of $921.06 million on December 31, 2023. Non-interest-bearing demand deposits decreased by $5.21 million during the second quarter and comprised 15.52% of total deposits at the end of the second quarter. Other interest-bearing demand deposits decreased by $12.42 million, savings deposits increased by $958,901 and time deposits increased by $1.94 million during the quarter. Federal Home Loan Bank borrowings increased by $15 million during the quarter and borrowings from the Federal Reserve Bank of Richmond were flat.

Stockholders' Equity and Capital
Stockholders' equity as of June 30, 2024, was $79.30 million compared to $77.46 million on March 31, 2024, and stockholders' equity of $77.23 million on December 31, 2023. AOCI was relatively unchanged during the second quarter as a decrease in unrealized losses on available-for-sale securities, was largely offset by a reduced gain on balance sheet hedges. The tangible book value of the Company's common stock on June 30, 2024, was $11.11 per share compared to $10.83 on March 31, 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 June 30, 2024, was $13.70 per share compared to $13.39 on March 31, 2024, and $13.25 per share on December 31, 2023.

Stock Buyback Program
In April of 2024, the Company repurchased 19,243 shares pursuant to its authorized 250,000 share repurchase program.  As of June 30, 2024, the Company had repurchased 36,708 shares. Our Board of Directors believes that share buyback program represents continued disciplined capital management strategy for the company. 

Capital Ratios
As of June 30, 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 June 30, 2024, and December 31, 2023, were as follows:


June 30, 2024

December 31, 2023




Total Capital Ratio

14.01 %

13.82 %




Tier 1 Capital Ratio

13.05 %

12.65 %




Common Equity Tier 1 Capital Ratio

13.05 %

12.65 %




Leverage Ratio

10.28 %

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)


June 30,


March 31,


December 31,


2024


2024


2023

ASSETS






Cash and Due from Banks

$                                    4,105,473


$                                    3,367,684


$                                   2,442,050

Interest Bearing Deposits with Banks

10,749,717


31,347,571


21,806,078

Securities Available-for-Sale

218,707,957


216,503,816


211,263,518

Securities Held-to-Maturity

20,759,365


20,789,233


20,114,269

Restricted Stock Investments

6,264,100


5,551,550


4,769,900

Loans Held for Sale

3,743,127


4,369,801


6,663,929

PPP Loans Held for Investment 

209,907


234,840


259,794

Other Loans Held for Investment 

775,367,896


760,376,517


769,484,088

Allowance for Loan Losses

$                                  (8,235,506)


(9,465,851)


(10,519,335)

Net Loans

767,342,297


751,145,506


759,224,547

Bank Premises and Equipment, net

821,033


849,378


878,957

Accrued Interest Receivable

4,452,526


4,420,462


3,721,730

Deferred Tax Asset

8,016,767


7,998,822


7,954,018

Bank-Owned Life Insurance

27,136,099


26,929,302


26,731,339

Right of Use Asset, net

2,368,629


2,119,110


1,987,075

Other Assets

21,640,688


17,331,241


17,110,642

Total Assets

$         1,096,107,778


$         1,092,723,477


$         1,084,668,051

LIABILITIES AND STOCKHOLDERS' EQUITY












Deposits






Demand Deposits






Non-interest Bearing

$                    136,487,673


$                    141,696,408


$                    143,956,306

Interest Bearing

453,948,791


466,369,810


519,339,202

Savings Deposits

3,956,072


2,997,171


4,120,770

Time Deposits

284,987,090


283,045,173


253,641,860

Total Deposits

879,379,626


894,108,562


921,058,138

Federal Home Loan Bank Advances

65,000,000


50,000,000


35,000,000

Other Borrowings

35,209,907


35,234,840


15,270,576

Subordinated Debt (Net of Issuance Costs)

19,791,681


19,772,200


19,752,719

Accrued Interest Payable

3,698,422


3,302,056


2,842,646

Lease Liability

2,483,255


2,201,003


1,925,672

Other Liabilities

11,241,252


10,644,432


11,590,247

Total Liabilities

$         1,016,804,143


$         1,015,263,093


$         1,007,439,998

Stockholders' Equity






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






0 Shares Issued and Outstanding, June 30, 2024, March 31, 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:






    6,588,012, 6,622,542 and 6,582,677 Shares Issued and Outstanding






    at June 30, 2024, March 31, 2024 and December 31, 2023 respectively






    (Includes 123,982, 140,484 and 88,993 Unvested Shares on June 30, 2024, March 31, 2024 






 and December 31, 2023 respectively)

64,640


64,821


64,937

Non-Voting Common Stock:






673,000 Shares Issued and Outstanding at June 30, 2024, March 31, 2024 and December 31, 2023






respectively)

6,730


6,730


6,730

 Additional Paid-in Capital 

57,939,140


58,000,382


58,320,419

Accumulated Other Comprehensive Income, Net

(18,466,282)


(18,326,721)


(17,715,015)

Retained Earnings

39,759,407


37,715,174


36,550,983

Total Stockholders' Equity

79,303,635


77,460,385


77,228,054

Total Liabilities and Stockholders' Equity

$         1,096,107,778


$         1,092,723,477


$         1,084,668,051

 

FREEDOM FINANCIAL HOLDINGS

CONSOLIDATED STATEMENTS OF OPERATIONS












(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)



For the three


For the three


For the six


For the six



months ended


months ended


months ended


months ended



June 30, 2024


June 30, 2023


June 30, 2024


June 30, 2023

Interest Income









Interest and Fees on Loans


$                      11,893,288


$                                            10,857,368


$                      24,176,527


$                      20,840,105

Interest on Investment Securities


2,927,306


2,522,682


5,798,785


4,688,405

Interest on Deposits with Other Banks


375,815


464,321


704,072


765,227

Total Interest Income


15,196,409


13,844,371


30,679,385


26,293,737

Interest Expense









Interest on Deposits


7,865,934


6,796,570


15,889,824


11,667,577

Interest on Borrowings


1,142,481


350,096


2,054,407


729,962

Total Interest Expense


9,008,415


7,146,666


17,944,231


12,397,539










Net Interest Income


6,187,994


6,697,706


12,735,154


13,896,198

Provision for (Recovery of) Loan Losses


1,167,997


(238,000)


1,195,483


(781,000)

Net Interest Income After









Provision for Loan Losses


7,355,991


6,459,706


13,930,637


13,115,198

Non-Interest Income









Mortgage Loan Gain-on-Sale and Fee Revenue

745,366


769,649


1,282,090


1,148,207

 SBA Gain-on-Sale Revenue


-


-


287,032


-

Service Charges and Other Income


221,022


94,428


353,445


249,016

Gain on Sale of Securities


1,816


-


(13,246)


-

 Servicing Income


42,268


64,688


77,522


130,103

Swap Fee Income


-


-


-


-

Increase in Cash Surrender Value of Bank-









owned Life Insurance


206,796


183,235


404,760


526,374

Total Non-interest Income


1,217,268


1,112,000


2,391,603


2,053,700










Total Revenue


7,405,262


7,809,707


15,126,757


15,949,897










Non-Interest Expenses









Officer and Employee Compensation









and Benefits


3,544,148


3,469,477


7,279,287


7,618,689

Occupancy Expense


255,233


38,488


647,109


366,407

Equipment and Depreciation Expense


185,959


148,901


381,304


330,396

Insurance Expense


229,259


136,555


453,266


291,622

Professional Fees


568,765


325,405


1,095,339


675,485

Data and Item Processing


395,579


323,906


656,861


643,906

Advertising  


162,354


133,907


277,352


252,386

Franchise Taxes and State Assessment Fees


276,843


290,049


586,713


572,789

Mortgage Fees and Settlements


83,617


141,333


178,617


200,619

Other Operating Expense


349,979


382,577


722,214


849,889

Total Non-interest Expenses


6,051,736


5,390,599


12,278,062


11,802,187

Income Before Income Taxes


2,521,523


2,181,106


4,044,178


3,366,710

Income Tax Expense/(Benefit)


477,293


411,031


835,718


360,000

Net Income


$                            2,044,230


$                                                  1,770,075


$                            3,208,460


$                            3,006,710

Earnings per Common Share - Basic


$                                      0.28


$                                                            0.24


$                                      0.44


$                                      0.41

Earnings per Common Share - Diluted


$                                      0.28


$                                                            0.24


$                                      0.44


$                                      0.41

Weighted-Average Common Shares









Outstanding - Basic


7,267,044


7,307,802


7,276,076


7,287,186

Weighted-Average Common Shares 









Outstanding - Diluted


7,305,392


7,317,113


7,314,424


7,314,655

 

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


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023

Interest Income










Interest and Fees on Loans

$                11,893,288


$                12,283,239


$                12,076,745


$                11,513,273


$                10,857,368

Interest on Investment Securities

2,927,306


2,871,479


2,933,870


2,730,411


2,522,682

Interest on Deposits with Other Banks  

375,815


328,257


502,411


471,031


464,321

Total Interest Income

15,196,409


15,482,975


15,513,026


14,714,715


13,844,371











Interest Expense










Interest on Deposits

7,865,934


8,023,891


8,108,762


7,829,199


6,796,570

Interest on Borrowings

1,142,481


911,926


634,972


359,191


350,096

Total Interest Expense

9,008,415


8,935,816


8,743,734


8,188,390


7,146,666











Net Interest Income

6,187,994


6,547,159


6,769,292


6,526,325


6,697,705

Provision for (Recovery of) Loan Losses

1,167,997


27,486


(4,751,441)


(205,000)


(238,000)

Net Interest Income after










Provision/Recovery for Loan Losses

7,355,991


6,574,645


2,017,851


6,321,325


6,459,705

Non-Interest Income










Mortgage Loan Gain-on-Sale and Fee Revenue

745,366


536,724


467,874


470,800


769,649

 SBA Gain-on-Sale Revenue

-


287,032


-


-


-

Service Charges and Other Income

221,022


117,361


326,205


99,563


94,428

Gains on Sale of Securities

1,816


-




-


-

Servicing Income

42,268


35,253


39,525


57,106


64,688

Swap Fee Income

-


-


-


-


-

Increase in Cash Surrender Value of Bank-










owned Life Insurance

206,796


197,963


191,788


188,781


183,235

Total Non-interest Income

1,217,268


1,174,334


1,025,392


816,250


1,112,000





















Total Revenue5

$                      7,405,262


$                      7,721,494


$                      7,794,684


$                      7,342,575


$                      7,809,705











Non-Interest Expenses










Officer and Employee Compensation










and Benefits

3,544,148


3,735,139


3,293,628


3,410,564


3,469,477

Occupancy Expense

255,233


391,876


191,674


188,413


38,488

Equipment and Depreciation Expense

185,959


195,345


212,999


213,363


148,901

Insurance Expense

229,259


224,007


237,133


276,713


136,555

Professional Fees

568,765


526,574


524,328


365,316


325,405

Data and Item Processing

395,579


261,282


323,605


355,733


323,906

Advertising

162,354


114,999


116,107


105,183


133,907

Franchise Taxes and State Assessment Fees

276,843


309,869


313,043


304,432


290,049

Mortgage Fees and Settlements

83,617


95,001


36,328


83,250


141,333

Other Operating Expense

349,979


372,234


514,081


309,231


382,577











Total Non-interest Expenses

6,051,736


6,226,327


5,762,926


5,612,198


5,390,599

Income before Income Taxes

2,521,523


1,522,651


(2,719,683)


1,525,375


2,181,106











Income Tax Expense

477,293


358,425


(713,291)


206,998


411,031











Net Income

$                      2,044,230


$                      1,164,226


$                    (2,006,392)


$                      1,318,378


$                      1,770,075

Earnings per Common Share - Basic

$                                0.28


$                                0.16


$                              (0.27)


$                                0.18


$                                0.24

Earnings per Common Share - Diluted

$                                0.28


$                                0.16


$                              (0.27)


$                                0.18


$                                0.24

Weighted-Average Common Shares










Outstanding - Basic

7,267,044


7,285,108


7,335,949


7,277,022


7,307,802

Weighted-Average Common Shares 










Outstanding - Diluted

7,305,392


7,325,415


7,361,422


7,293,482


7,317,113

 

Average Balances, Income and Expenses, Yields and Rates












(Unaudited)


















































Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended







June 30, 2024






March 31, 2024






December 31, 2023






September 30, 2023






June 30, 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


$                                     26,916,165


$          375,815


5.62 %


$                                     28,655,861


$          328,257


4.61 %


$                                     36,921,568


$          502,411


5.40 %


$                                     38,989,836


$          471,031


4.79 %


$                                     36,370,275


$          464,321


5.12 %
































Investments (Tax Exempt)


20,889,466


204,795




21,297,872


204,625




20,012,255


195,353




20,763,539


197,591




21,202,088


187,739



Investments (Taxable)


222,105,603


2,765,518




219,134,075


2,709,825




211,208,265


2,779,541




208,005,473


2,574,314




197,080,849


2,374,368



Total Investments


242,995,069


2,970,313


4.92 %


240,431,947


2,914,450


4.88 %


231,220,520


2,974,894


5.10 %


228,769,012


2,771,905


4.81 %


218,282,937


2,562,107


4.71 %
































Total Loans 


768,712,204


11,893,288


6.22 %


773,171,917


12,283,239


6.39 %


761,583,960


$12,076,745


6.29 %


736,781,506


11,513,273


6.20 %


726,201,568


10,857,368


6.00 %
































Earning Assets


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 %


1,004,540,354


14,756,209


5.83 %


980,854,780


13,883,796


5.68 %






























































































Assets


$                                1,096,367,899






$                                1,093,119,403






$                                1,084,945,735






$                                1,062,975,635






$                                1,035,350,077




































Liabilities































Interest Checking


$                                   226,698,645


$       2,476,138


4.39 %


$                                   229,520,401


$       2,515,315


4.41 %


$                                   221,430,570


$       2,364,166


4.24 %


$                                   213,956,322


$       2,130,491


3.95 %


$                                   197,224,144


$       1,892,301


3.85 %

Money Market


230,692,880


2,480,219


4.32 %


274,088,309


2,930,085


4.30 %


288,937,873


2,738,774


3.76 %


289,350,365


3,130,570


4.29 %


282,452,498


2,308,846


3.28 %

Savings


2,544,712


993


0.16 %


3,416,245


1,129


0.13 %


4,155,974


1,238


0.12 %


4,344,566


1,310


0.12 %


5,678,056


1,586


0.11 %

Time Deposits 


287,465,021


2,908,583


4.07 %


261,965,440


2,577,362


3.96 %


258,903,945


3,004,586


4.60 %


248,550,686


2,566,827


4.10 %


239,305,940


2,593,837


4.35 %

Interest Bearing Deposits


747,401,258


7,865,933


4.23 %


768,990,395


8,023,891


4.20 %


773,428,362


8,108,764


4.16 %


756,201,939


7,829,198


4.11 %


724,660,638


6,796,570


3.76 %
































Borrowings


$                                   108,848,304


$       1,142,481


4.22 %


$                                     84,021,016


$          911,926


4.37 %


$                                     56,817,293


$          634,972


4.43 %


$                                     40,480,346


$          359,191


3.52 %


$                                     45,865,355


$          350,096


3.06 %
































Interest Bearing Liabilities


856,249,562


9,008,414


4.23 %


853,011,411


8,935,817


4.21 %


830,245,656


8,743,736


4.18 %


796,682,285


8,188,389


4.08 %


770,525,994


7,146,666


3.72 %
































Non Interest Bearing Deposits


$                                   146,541,629






$                                   146,048,180






$                                   161,836,675






$                                   169,935,416






$                                   169,160,626




































Cost of Funds






3.61 %






3.60 %






3.50 %






3.36 %






3.05 %
































Net Interest Margin




$       6,231,002


2.41 %




$       6,590,129


2.54 %




$       6,810,314


2.62 %




$       6,567,819


2.59 %




$       6,737,130


2.76 %

Shareholders Equity


$                                     76,737,805






$                                     77,333,773






$                                     75,770,938






$                                     77,445,100






$                                     77,557,760





 

 Average Balances, Income and
Expenses, Yields and Rates 








(Unaudited)






































Three Months Ended






Three Months Ended






Six Months Ended






Six Months Ended







June 30, 2024






June 30, 2023






June 30, 2024


Income /




June 30, 2023


Income /

















Average Balance


Expense


Yield


Average Balance


Expense


Yield



Average Balance


Income/ Expense


Yield


Average Balance


Income/ Expense


Yield













Assets

























Cash


$                              26,916,165


$             375,815


5.62 %


$            36,370,275


$              464,321


5.12 %


$             27,786,013


$          704,072


5.10 %


$             33,731,047


$      765,227


4.57 %


























Investments (Tax Exempt)


20,889,466


204,795




21,202,088


187,739




21,093,669


409,420




21,192,284


370,209



Investments (Taxable)


222,105,603


2,765,518




197,080,849


2,374,368




220,619,839


5,475,343




190,917,692


4,395,940



Total Investments


242,995,069


2,970,313


4.92 %


218,282,937


2,562,107


4.71 %


241,713,508


5,884,763


4.90 %


212,109,976


4,766,149


4.53 %


























Total Loans 


768,712,204


11,893,288


6.22 %


726,201,568


10,857,368


6.00 %


770,942,060


24,176,527


6.31 %


714,968,375


20,840,105


5.88 %


























Earning Assets


1,038,623,438


15,239,416


5.90 %


980,854,780


13,883,796


5.68 %


$        1,040,441,581


30,765,362


5.95 %


960,809,399


26,371,481


5.53 %


























Assets


$                         1,096,367,899






$       1,035,350,077






$        1,094,738,954






$        1,012,205,749






























Liabilities

























Interest Checking


$                            226,698,645


$         2,476,138


4.39 %


$          197,224,144


$           1,892,301


3.85 %


$           228,109,523


$      4,991,453


4.40 %


$           176,021,842


3,212,395


3.68 %

Money Market


230,692,880


2,480,219


4.32 %


282,452,498


2,308,846


3.28 %


252,390,594


5,410,303


4.31 %


272,204,800


4,028,641


2.98 %

Savings


2,544,712


993


0.16 %


5,678,056


1,586


0.11 %


2,980,478


2,123


0.14 %


6,303,161


3,912


0.13 %

Time Deposits 


287,465,021


2,908,583


4.07 %


239,305,940


2,593,837


4.35 %


274,715,231


5,485,945


4.02 %


243,898,399


4,422,630


3.66 %

Interest Bearing Deposits


747,401,258


7,865,933


4.23 %


724,660,638


6,796,570


3.76 %


758,195,826


15,889,824


4.21 %


698,428,202


11,667,578


3.37 %


























Borrowings


$                            108,848,304


$         1,142,481


4.22 %


$            45,865,355


$              350,096


3.05 %


$             96,434,660


$      2,054,407


4.28 %


$             47,486,244


729,962


3.10 %


























Interest Bearing Liabilities


856,249,562


9,008,414


4.23 %


770,525,994


7,146,666


3.72 %


854,630,486


17,944,231


4.22 %


745,914,446


12,397,540


3.35 %


























Non Interest Bearing Deposits


$                            146,541,629






$          169,160,626






$           146,294,904






$           172,683,492






























Cost of Funds






3.61 %






3.05 %






3.61 %






2.72 %


























Net Interest Margin




$         6,231,002


2.41 %




$           6,737,130


2.76 %




$    12,821,131


2.48 %




$ 13,973,941


2.93 %

Shareholders Equity


$                              76,737,805






$            77,557,760






$             77,035,789






$             77,244,629





ROAA


0.75 %












0.59 %






0.60 %





ROAE


10.71 %












8.38 %






7.85 %





 

Selected Financial Data by Quarter Ended:






(Unaudited)






Balance Sheet Ratios

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

June 30, 2023

Loans held-for-investment to Deposits 

88.20 %

85.07 %

83.57 %

81.63 %

80.45 %

Income Statement Ratios (Quarterly)






Return on Average Assets (ROAA)

0.75 %

0.43 %

-0.73 %

0.49 %

0.69 %

Return on Average Equity (ROAE)

10.71 %

6.05 %

-10.51 %

6.75 %

9.15 %

Efficiency Ratio

81.72 %

80.64 %

73.93 %

76.43 %

69.02 %

Net Interest Margin

2.41 %

2.54 %

2.62 %

2.59 %

2.76 %

Yield on Average Earning Assets

5.90 %

5.99 %

5.99 %

5.83 %

5.68 %

Yield on Securities

4.92 %

4.88 %

5.10 %

4.81 %

4.71 %

Yield on Loans

6.22 %

6.39 %

6.29 %

6.20 %

6.00 %

Cost of Funds

3.61 %

3.60 %

3.50 %

3.36 %

3.05 %

Noninterest income to Total Revenue

16.44 %

15.21 %

13.16 %

11.12 %

14.24 %

Liquidity Ratios






Uninsured Deposits to Total Deposits

22.76 %

24.31 %

25.65 %

28.10 %

25.78 %

Total Liquidity to Uninsured Deposits

150.53 %

156.40 %

130.30 %

120.27 %

120.82 %

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

317.68 %

386.89 %

258.25 %

345.53 %

213.43 %

Tangible Common Equity Ratio 

7.24 %

7.09 %

7.12 %

7.14 %

7.43 %

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

7.01 %

6.85 %

6.88 %

6.83 %

7.16 %







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

91.33 %

91.24 %

91.31 %

90.96 %

90.41 %

Per Share Data






Tangible Book Value

$11.11

$10.83

$10.78

$10.50

$10.75

Tangible Book Value (ex AOCI)

$13.70

$13.39

$13.25

$13.50

$13.29

Share Price Data






Closing Price

$9.75

$9.75

$10.42

$10.61

$10.56

Book Value Multiple

88 %

92 %

97 %

101 %

98 %

Common Stock Data






Outstanding Shares at End of Period

7,137,030

7,155,058

7,166,684

7,198,334

7,197,834

Weighted Average shares outstanding, basic

7,267,044

7,285,108

7,335,949

7,277,022

7,307,802

Weighted Average shares outstanding, diluted

7,305,392

7,325,415

7,361,422

7,293,482

7,317,113

Capital Ratios (Bank Only)






Tier 1 Leverage ratio

10.28 %

10.26 %

10.26 %

10.64 %

10.99 %

Common Equity Tier 1 ratio

13.05 %

12.92 %

12.65 %

13.26 %

13.52 %

Tier 1 Risk Based Capital ratio

13.05 %

12.92 %

12.65 %

13.26 %

13.52 %

Total Risk Based Capital ratio

14.01 %

14.00 %

13.82 %

14.10 %

14.37 %

Credit Quality






Net Charge-offs to Average Loans

0.01 %

0.14 %

0.19 %

0.03 %

0.04 %

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

1.49 %

1.74 %

1.72 %

0.92 %

0.93 %

Total Non-performing Assets to Total Assets

1.06 %

1.21 %

1.22 %

0.66 %

0.65 %

Nonaccrual Loans to loans held-for-investment

1.49 %

1.74 %

1.72 %

0.92 %

0.93 %

Provision for (Recovery of) Loan Losses

-$1,167,997

-$27,486

$4,751,441

$205,000

$238,000

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

1.06 %

1.24 %

1.37 %

0.95 %

0.98 %

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

1.06 %

1.24 %

1.37 %

0.95 %

0.98 %

 

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










June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023








Shareholder's Equity

$             79,303,635


$             77,460,385


$             77,228,054


$             75,573,033


$    77,399,123








Outstanding Shares at End of Period

7,137,030


7,155,058


7,166,684


7,198,334


7,197,834








Tangible Book Value (GAAP)

$                       11.11


$                       10.83


$                       10.78


$                       10.50


$              10.75








Accumulated Other Comprehensive Income (Net) (AOCI)

$           (18,466,282)


$           (18,326,721)


$           (17,715,015)


$           (21,597,860)


$   (18,280,904)








AOCI per share equivalent

(2.59)


(2.56)


(2.47)


(3.00)


(2.54)








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

$                       13.70


$                       13.39


$                       13.25


$                       13.50


$              13.29

































Quarter Ending



Year Ending

Income on Tax Exempt Securities


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023





June 30, 2024


June 30, 2023

Tax Equivalent Adjustment


$                  161,788


$                  161,654


$                  154,329


$                  156,097


$          148,314





$                  323,442


$                  292,465

Income on Tax Exempt Securities (Non-GAAP)

43,007


42,971


41,024


41,494


39,425





85,978


$                     77,744





$                  204,795


$                  204,625


$                  195,353


$                  197,591


$          187,739





$                  409,420


$                  370,209





















2Net Interest Margin



















Average Earning Assets


$       1,038,623,438


$       1,042,259,725


$       1,029,726,048


$       1,004,540,354


$  980,854,780





$       1,040,441,581


$           960,809,399

Yield on Interest Earning Assets (GAAP)

5.88 %


5.97 %


5.98 %


5.81 %


5.66 %





5.93 %


5.52 %

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

5.90 %


5.99 %


5.99 %


5.83 %


5.68 %





5.95 %


5.53 %

Net Interest Margin (NIM) (GAAP)


2.40 %


2.53 %


2.61 %


2.58 %


2.74 %





2.46 %


2.76 %

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

2.41 %


2.54 %


2.62 %


2.59 %


2.76 %





2.48 %


2.93 %





















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





June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023





June 30, 2024


June 30, 2023

Net Interest Income



$               6,187,994


$               6,547,159


$               6,769,292


$               6,526,324


$       6,697,705





$             12,735,154


$             13,896,198

Non-Interest Income



1,217,268


1,174,334


1,025,392


816,250


1,112,000





2,391,603


2,053,700

Total Revenue



$               7,405,262


$               7,721,493


$               7,794,684


$               7,342,574


$       7,809,705





$             15,126,757


$             15,949,898

Non-Interest Expense



6,051,736


6,226,327


5,762,926


5,612,199


5,390,599





12,278,062


11,802,187

Efficiency Ratio (Non-GAAP)


81.72 %


80.64 %


73.93 %


76.43 %


69.02 %





81.17 %


74.00 %





















4Liquidity Ratios (Non-GAAP)






Quarter Ending










June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023








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

91.33 %


91.31 %


91.31 %


90.96 %


90.41 %








Uninsured Deposits to Total Deposits

22.76 %


24.31 %


25.65 %


28.10 %


25.78 %








Total Liquidity to Uninsured Deposits

150.53 %


156.40 %


130.30 %


120.27 %


120.82 %








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

317.68 %


386.89 %


258.26 %


345.53 %


213.43 %








Tangible Common Equity Ratio


7.24 %


7.09 %


7.12 %


7.14 %


7.43 %








Tangible Common Equity Ratio(adjusted for unrealized losses 

7.01 %


6.85 %


6.88 %


6.83 %


7.16 %








on HTM Securities)







































4 Total 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-to-Date





June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


June 30, 2023





June 30, 2024


June 30, 2023

Net Interest Income



$               6,187,994


$               6,547,159


$               6,769,292


$               6,526,324


$       6,697,705





$             12,735,154


$             13,896,198

Non-Interest Income



1,217,268


1,174,334


1,025,392


816,250


1,112,000





2,391,603


2,053,700

Total Revenue (non-GAAP)


$               7,405,262


$               7,721,493


$               7,794,684


$               7,342,574


$       7,809,705





$             15,126,757


$             15,949,898

 

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-second-quarter-of-2024-302207159.html

SOURCE Freedom Financial Holdings

FAQ

What was Freedom Financial Holdings' (FDVA) net income for Q2 2024?

Freedom Financial Holdings reported net income of $2,044,233 or $0.28 per diluted share for Q2 2024.

How did FDVA's Q2 2024 earnings compare to previous quarters?

Q2 2024 earnings increased 75.6% compared to Q1 2024 and 15.5% compared to Q2 2023.

What was the total asset value of Freedom Financial Holdings (FDVA) as of June 30, 2024?

Total assets were $1.10 billion on June 30, 2024, an increase of $11.44 million or 1.05% from December 31, 2023.

How did FDVA's loan portfolio perform in Q2 2024?

Loans held-for-investment (excluding PPP loans) increased by $14.99 million or 1.97% during the quarter.

What was Freedom Financial Holdings' (FDVA) net interest margin for Q2 2024?

The net interest margin decreased to 2.41% in Q2 2024, lower by 13 basis points compared to Q1 2024 and 35 basis points compared to Q2 2023.

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FDVA Latest News

Oct 25, 2024
Freedom Financial Holdings Announces Earnings for Third Quarter of 2024
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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
Jul 28, 2023
Freedom Financial Holdings Announces Earnings for Second Quarter of 2023

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