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Freedom Financial Holdings Announces Earnings for Third Quarter of 2024

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Freedom Financial Holdings (FDVA) reported Q3 2024 net income of $344,919 ($0.05 per diluted share), down from $2,044,233 ($0.28 per share) in Q2 2024 and $1,318,378 ($0.18 per share) in Q3 2023. The company faced increased costs including $337,000 in non-recurring expenses related to personnel, FDICIA consulting, software, and legal fees. Despite profitability challenges, tangible book value increased to $11.64 per share, up 10.63% annualized from December 2023. Total assets reached $1.10 billion, with deposits increasing by $8.41 million during the quarter. The net interest margin decreased to 2.32%, while the efficiency ratio rose to 88.13%.

Freedom Financial Holdings (FDVA) ha riportato un reddito netto per il terzo trimestre 2024 di $344,919 ($0.05 per azione diluita), in calo rispetto a $2,044,233 ($0.28 per azione) nel secondo trimestre 2024 e $1,318,378 ($0.18 per azione) nel terzo trimestre 2023. L'azienda ha affrontato costi crescenti, inclusi $337,000 in spese non ricorrenti legate al personale, consulenze FDICIA, software e spese legali. Nonostante le difficoltà nella redditività, il valore contabile tangibile è aumentato a $11.64 per azione, con un incremento annualizzato del 10.63% rispetto a dicembre 2023. Le attività totali hanno raggiunto $1.10 miliardi, con depositi in aumento di $8.41 milioni durante il trimestre. Il margine di interesse netto è diminuito al 2.32%, mentre il rapporto di efficienza è salito all'88.13%.

Freedom Financial Holdings (FDVA) reportó un ingreso neto de $344,919 para el tercer trimestre de 2024 ($0.05 por acción diluida), una disminución respecto a $2,044,233 ($0.28 por acción) en el segundo trimestre de 2024 y $1,318,378 ($0.18 por acción) en el tercer trimestre de 2023. La compañía enfrentó costos incrementados, incluyendo $337,000 en gastos no recurrentes relacionados con personal, consultoría FDICIA, software y honorarios legales. A pesar de los desafíos en la rentabilidad, el valor contable tangible aumentó a $11.64 por acción, un incremento anualizado del 10.63% desde diciembre de 2023. Los activos totales alcanzaron $1.10 mil millones, con depósitos aumentando en $8.41 millones durante el trimestre. El margen de interés neto disminuyó al 2.32%, mientras que la relación de eficiencia aumentó al 88.13%.

Freedom Financial Holdings (FDVA)는 2024년 3분기 순이익이 $344,919($0.05의 희석 주당가)로 보고되었으며, 이는 2024년 2분기의 $2,044,233 ($0.28 주당) 및 2023년 3분기의 $1,318,378 ($0.18 주당)에서 감소한 수치입니다. 이 회사는 인건비, FDICIA 컨설팅, 소프트웨어 및 법률 비용과 관련된 $337,000의 비경상적 비용을 포함한 증가한 비용에 직면했습니다. 수익성 문제에도 불구하고, 유형 자산 가치는 $11.64 per 주당으로 증가했으며, 이는 2023년 12월 대비 연율 기준으로 10.63% 상승한 것입니다. 총 자산은 $1.10억 달러에 도달했으며, 분기 동안 예금은 $8.41 백만 증가했습니다. 순이자 마진은 2.32%로 감소했으며, 효율비율은 88.13%로 상승했습니다.

Freedom Financial Holdings (FDVA) a déclaré un revenu net de $344,919 pour le troisième trimestre 2024 ($0.05 par action diluée), en baisse par rapport à $2,044,233 ($0.28 par action) au deuxième trimestre 2024 et $1,318,378 ($0.18 par action) au troisième trimestre 2023. L'entreprise a dû faire face à des coûts accrus, notamment $337,000 en dépenses non récurrentes liées au personnel, à la consultation FDICIA, aux logiciels et aux frais juridiques. Malgré les défis de rentabilité, la valeur comptable tangible a augmenté à $11.64 par action, soit une augmentation annualisée de 10.63% depuis décembre 2023. Les actifs totaux ont atteint $1.10 milliard, avec des dépôts en hausse de $8.41 millions durant le trimestre. La marge d'intérêt nette a diminué à 2.32%, tandis que le ratio d'efficacité a augmenté à 88.13%.

Freedom Financial Holdings (FDVA) meldete ein Nettoeinkommen von $344,919 im 3. Quartal 2024 ($0.05 pro verwässerter Aktie), ein Rückgang von $2,044,233 ($0.28 pro Aktie) im 2. Quartal 2024 und $1,318,378 ($0.18 pro Aktie) im 3. Quartal 2023. Das Unternehmen sah sich gestiegenen Kosten gegenüber, einschließlich $337,000 an nicht wiederkehrenden Ausgaben im Zusammenhang mit Personal, FDICIA-Beratung, Software und Rechtskosten. Trotz der Herausforderungen bei der Rentabilität stieg der buchmäßige Wert auf $11.64 pro Aktie, was einem annualisierten Anstieg von 10.63% seit Dezember 2023 entspricht. Die Gesamtaktiva erreichten $1.10 Milliarden, wobei die Einlagen im Quartal um $8.41 Millionen zunahmen. Die Nettozinsspanne fiel auf 2.32%, während die Effizienzquote auf 88.13% anstieg.

Positive
  • Tangible book value per share increased 10.63% annualized to $11.64
  • Total deposits increased by $8.41 million (0.96%) during the quarter
  • Strong capital ratios with Tier 1 Capital at 13.21%
  • Total assets grew by $15.93 million to $1.10 billion
Negative
  • Net income declined 83.1% to $344,919 from $2,044,233 in Q2 2024
  • Net interest margin decreased to 2.32%, down 9 basis points from previous quarter
  • Non-interest expenses increased 5.61% quarter-over-quarter
  • Efficiency ratio deteriorated to 88.13% from 81.72% in Q2 2024
  • Non-accrual loans increased to 1.61% of loans held-for-investment from 1.49%

FAIRFAX, Va., Oct. 25, 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 $344,919 or $0.05 per diluted share for the third quarter compared to net income of $2,044,233, or $0.28 per diluted share for the three months ended June 30, 2024, and net income of $1,318,378 or $0.18 per diluted share for the three months ended September 30, 2023. Pre-tax, pre-provision income1 was $860,696 in the third quarter compared to pre-tax, pre-provision income of $1,353,529 in the prior quarter. Net income for the nine months ended September 30, 2024, was $3,553,378 or $0.49 per diluted share, compared to $4,325,088 or $0.59 per diluted share for the nine months, ended September 30, 2023.

Joseph J. Thomas, President, and CEO, commented, "We continue to make improvements in our personnel, products, and loan portfolio to meet the regulatory requirements of the Federal Deposit Insurance Corporation Improvement Act ("FDICIA"), while also addressing customer deposit behavior and any economic headwinds.  Specifically, we added two new industry leaders in commercial banking, prepared for the launch of our new digital banking platform in October 2024, and introduced additional controls and enterprise risk infrastructure.  This has translated into balance sheet strength in high Tier 1 Capital of 13.21%, low loan-to-deposit ratio of 86.44% and a higher allowance for loan losses to loans held-for-investment of 1.12%.  However, the additional cost and investments have taxed our profitability in the third quarter with non-recurring costs of approximately $337,000 related to additional personnel, consulting fees related to FDICIA, software costs related to the new online banking platform, as well as legal fees for loan workouts.  Excluding these non-recurring costs, non-interest expenses would have been flat to the prior quarter. We are certainly not satisfied with our run rate levels of profitability, but through all of this we have increased Tangible Book Value per share2 by 10.63% on an annualized basis to $11.64 on September 30, 2024, compared to $10.78 on December 31, 2023, achieving one of our central financial goals.

Third Quarter 2024 Highlights include:

  • The Company posted net income of $344,919 or $0.05 per diluted share for the third quarter compared to net income of $2,044,243 or $0.28 per diluted share for the three months ended June 30, 2024, and net income of $1,318,378 or $0.18 per diluted share for the three months ending September 30, 2023. Pre-tax, pre-provision income was $860,696 in the third quarter compared to pre-tax, pre-provision income of $1,353,529 in the prior quarter.
  • Tangible Book Value per share increased during the quarter to $11.64 on September 30, 2024, compared to $10.78 on December 31, 2023.
  • Return on Average Assets ("ROAA") was 0.12% for the quarter ended September 30, 2024, compared to ROAA of 0.75% for the quarter ended June 30, 2024, and 0.49% for the three months ended September 30, 2023.
  • Return on Average Equity ("ROAE") was 1.70% for the quarter ended September 30, 2024, compared to ROAE of 10.71% for the three months ended June 30, 2024, and 6.75% for the three months ended September 30, 2023.
  • Total Assets were $1.10 billion on September 30, 2024, an increase of $15.93 million or 1.47% from total assets on December 31, 2023.
  • Loans held-for-investment (excluding PPP loans) were flat during the quarter.
  • Total deposits increased by $8.41 million or by 0.96% during the quarter. Non-interest-bearing demand deposits increased by $7.57 million from the linked quarter to $144.05 million and represented 16.23% of total deposits on September 30, 2024.
  • The net interest margin3 decreased in the third quarter to 2.32%, lower by 9 basis points compared to the linked quarter and lower by 27 basis points compared to the same period in 2023. The decrease in the net interest margin across linked quarters was primarily related to an increase in funding costs related to higher levels of borrowings during the quarter. The cost of deposits declined by 2 basis points compared to the linked quarter.
  • The cost of funds was 3.76% for the third quarter, higher by 15 basis points compared to the linked quarter and higher by 40 basis points compared to the same period in 2023, as a decline in deposit costs was more than offset by an increase in borrowing costs.
  • Non-interest income decreased by 5.25% compared to the linked quarter and increased by 41.30% compared to the same period in 2023. The decrease in non-interest income in the third quarter of 2024 compared to the linked quarter was primarily due to lower revenue from mortgage loans, as mortgage activity slowed in the third quarter. The increase in non-interest income in the third quarter compared to the calendar quarter was due to an increase in mortgage revenue in the third quarter, stemming from stronger mortgage activity, in addition to greater SBIC income in the third quarter of 2024.
  • Non-interest expense in the third quarter increased by $339,555 or by 5.61% compared to the linked quarter and increased by 13.88% compared to the same period in 2023. The increase in expenses compared to the linked quarter was largely non-recurring and primarily related to personnel costs, an increase in software costs for the new online banking platform, consulting fees related to FDICIA, and legal fees related to loan workouts. Excluding these non-recurring costs, non-interest expenses would have been flat to the prior quarter. The increase in expenses compared to the calendar quarter primarily related to higher compensation costs, higher occupancy costs and higher professional fees, largely related to legal fees and accounting fees related to FDICIA.
  • The Efficiency Ratio4 was 88.13% for the quarter ended September 30, 2024, compared to 81.72% for the linked quarter and 76.43% for the same period in 2023.
  • Uninsured deposits were 22.51% of total deposits and total available secured liquidity5 was 150.84% of uninsured deposits on September 30, 2024.
  • Net charge offs were flat in the third quarter and were 0.01% of average loans compared to 0.01% in the prior quarter. The ratio of non-accrual loans to loans held-for-investment was 1.61% on September 30, 2024, compared to 1.49% on June 30, 2024, and 0.92% on September 30, 2023. The ratio of non-performing assets to total assets was 1.14% on September 30, 2024, compared to 1.06% on June 30, 2024, and 0.66% on September 30, 2023.
  • The Company recognized a provision for loan losses of $546,439, primarily related to specific reserves for two loan relationships.
  • The ratio of the allowance for loan losses to loans held-for-investment was 1.12% compared to 1.06% in the linked quarter.
  • The Company continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 10.23%, Common Equity Tier 1 ratio of 13.21%, Tier 1 Risk Based Capital ratio of 13.21% and a Total Capital ratio of 14.22%.

Net Interest Income

The Company recorded net interest income of $6.09 million for the third quarter of 2024, lower by 1.44% compared to the linked quarter, and lower by 6.55% compared to the same period in 2023. The net interest margin in the third quarter of 2024 was 2.32%, lower by 9 basis points compared to the linked quarter and lower by 27 basis points compared to the same period in 2023.

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

  • Yields on average earning assets were 5.93% in the third quarter of 2024, higher by 3 basis points compared to the linked quarter, and higher by 10 basis points compared to the calendar quarter. The increase in yields on average earning assets in the third quarter was primarily due to higher loan yields during the quarter.
  • Loan yields increased by 8 basis points to 6.30% from 6.22% in the linked quarter, while yields on investment securities decreased by 7 basis points to 4.85% from 4.92% in the linked quarter. Loan yields increased by 10 basis points, while yields on investment securities increased by 4 basis points compared to the calendar quarter.
  • Cost of funds increased by 15 basis points to 3.76% from 3.61% in the linked quarter, and by 40 basis points compared to the calendar quarter, as declines in deposit costs were more than offset by higher borrowing costs. The bank had $80 million in pay-fixed, receive floating swaps and $20 million of a receive fixed, pay floating interest rate swap at the end of the third quarter.

Non-interest Income

Non-interest income was $1.15 million for the third quarter, a decrease of 5.25% when compared to the linked quarter and an increase of 41.30% when compared to the same period in 2023. The decrease in non-interest income in the third quarter of 2024 compared to the linked quarter was primarily due to lower revenue from mortgage loans as mortgage activity slowed in the third quarter. The increase in non-interest income in the third quarter compared to the calendar quarter was due to an increase in mortgage revenue in the third quarter, stemming from stronger mortgage activity, in addition to greater SBIC income in the third quarter of 2024.

Total Revenue6

Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was lower by 2.07% compared to the linked quarter and lower by 1.23% compared to the calendar quarter in 2023. The decrease in total revenue compared to the linked quarter was due to a decrease in the net interest margin and lower mortgage revenue.

Non-interest Expense

Non-interest expense in the third quarter increased by $339,555 or by 5.61% compared to the linked quarter and increased by 13.88% compared to the same period in 2023. The increase in expenses compared to the linked quarter was largely non-recurring and primarily related to personnel costs, an increase in software costs for the new online banking platform, consulting fees related to FDICIA, and legal fees related to loan workouts. Excluding these non-recurring costs, non-interest expenses would have been flat to the prior quarter. The increase in expenses compared to the calendar quarter primarily related to higher compensation costs, higher occupancy costs and higher professional fees, largely related to legal fees and accounting fees related to FDICIA.

The Efficiency Ratio was 88.13% for the quarter ended September 30, 2024, compared to 81.72% for the linked quarter and 76.43% for the same period in 2023.  

Asset Quality

Non-accrual loans increased in the third quarter and were at $12,499,125 or 1.61% of loans held-for-investment compared to $11,570,865 or 1.49% of loans held-for-investment at the end of the linked quarter. As of September 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 September 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 $12,499,125 or 1.14% of total assets as of September 30, 2024, compared to $11,570,865 or 1.06% of total assets, at the end of the linked quarter.

The Company recognized a provision for loan losses of $546,439, primarily related to specific reserves for two loan relationships.

The Company's ratio of Allowance for Loan Losses to loans held-for-investment was 1.12% as of September 30, 2024, compared to the ratio of Allowance for Loan Losses to loans held-for-investment of 1.06% as of June 30, 2024.

Total Assets

Total assets on September 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 $1.39 million.
  • Available for sale investment balances increased by $7.15 million.
  • Other loans held-for investment increased by $6.41 million

Total Liabilities

Total liabilities on September 30, 2024, were $1.02 billion compared to total liabilities of $1.00 billion on December 31, 2023. Total deposits were $887.79 million on September 30, 2024, compared to total deposits of $879.38 million on June 30, 2024, and total deposits of $921.06 million on December 31, 2023. Non-interest-bearing demand deposits increased by $7.57 million during the third quarter and comprised 16.23% of total deposits at the end of the third quarter. Other interest-bearing demand deposits were relatively unchanged, savings deposits decreased by $746,513 and time deposits increased by $2.17 million during the quarter. Federal Home Loan Bank borrowings were flat during the quarter while borrowings from the Federal Reserve Bank of Richmond declined by $5.03 million.

Stockholders' Equity and Capital

Stockholders' equity as of September 30, 2024, was $83.03 million compared to $79.30 million on June 30, 2024, and stockholders' equity of $77.23 million on December 31, 2023. AOCI improved during the third quarter as there was a decrease in unrealized losses on available-for-sale securities. The tangible book value of the Company's common stock on September 30, 2024, was $11.64 per share compared to $11.11 on June 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 September 30, 2024, was $13.78 per share compared to $13.70 on June 30, 2024, and $13.25 per share on December 31, 2023.

Stock Buyback Program

In the third quarter, the Company did not purchase any shares pursuant to its authorized 250,000 share repurchase program.  As of September 30, 2024, the Company had repurchased 36,708 shares, pursuant to the program. Our Board of Directors believes that share buyback program represents continued disciplined capital management strategy for the company. 

Capital Ratios

As of September 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 September 30, 2024, and December 31, 2023, were as follows:


September 30, 2024

December 31, 2023




Total Capital Ratio

14.22 %

13.82 %




Tier 1 Capital Ratio

13.21 %

12.65 %




Common Equity Tier 1 Capital Ratio

13.21 %

12.65 %




Leverage Ratio

10.23 %

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)


September 30,


June 30,


December 31,


2024


2024


2023

ASSETS






Cash and Due from Banks

$                    5,083,860


$                           4,105,473


$                        2,442,050

Interest Bearing Deposits with Banks

20,415,164


10,749,717


21,806,078

Securities Available-for-Sale

218,409,166


218,707,957


211,263,518

Securities Held-to-Maturity

20,355,393


20,759,365


20,114,269

Restricted Stock Investments

6,249,000


6,264,100


4,769,900

Loans Held for Sale

5,322,703


3,743,127


6,663,929

PPP Loans Held for Investment 

184,896


209,907


259,794

Other Loans Held for Investment 

775,892,983


775,367,896


769,484,088

Allowance for Loan Losses

(8,683,189)


$                         (8,235,506)


(10,519,335)

Net Loans

767,394,689


767,342,297


759,224,547

Bank Premises and Equipment, net

794,326


821,033


878,957

Accrued Interest Receivable

4,369,935


4,452,526


3,721,730

Deferred Tax Asset

6,705,782


8,016,767


7,954,018

Bank-Owned Life Insurance

27,347,741


27,136,099


26,731,339

Right of Use Asset, net

2,022,926


2,368,629


1,987,075

Other Assets

16,125,726


21,640,688


17,110,642

Total Assets

$  1,100,596,411


$                  1,096,107,778


$  1,084,668,051

LIABILITIES AND STOCKHOLDERS' EQUITY












Deposits






Demand Deposits






Non-interest Bearing

$              144,054,842


$                     136,487,673


$                   143,956,306

Interest Bearing

453,373,867


453,948,791


519,339,202

Savings Deposits

3,209,559


3,956,072


4,120,770

Time Deposits

287,152,155


284,987,090


253,641,860

Total Deposits

887,790,424


879,379,626


921,058,138

Federal Home Loan Bank Advances

65,000,000


65,000,000


35,000,000

Other Borrowings

30,184,896


35,209,907


15,270,576

Subordinated Debt (Net of Issuance Costs)

19,811,162


19,791,681


19,752,719

Accrued Interest Payable

2,880,604


3,698,422


2,842,646

Lease Liability

2,156,004


2,483,255


1,925,672

Other Liabilities

9,747,107


11,241,252


11,590,247

Total Liabilities

$         1,017,570,197


$               1,016,804,143


$              1,007,439,998







Stockholders' Equity






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






     0 Shares Issued and Outstanding, September 30, 2024, June 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:






    6,466,105, 6,622,542 and 6,582,677 Shares Issued and Outstanding






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






    (Includes 128,982, 140,484 and 88,993 Unvested Shares on September 30, 2024, June 30, 2024, 






             and December 31, 2023 respectively)

64,661


64,640


64,937

Non-Voting Common Stock:






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






               respectively)

6,730


6,730


6,730

 Additional Paid-in Capital 

58,147,353


57,939,140


58,320,419

Accumulated Other Comprehensive Income, Net

(15,296,856)


(18,466,282)


(17,715,015)

Retained Earnings

40,104,326


39,759,407


36,550,983

Total Stockholders' Equity

83,026,214


79,303,635


77,228,054

Total Liabilities and Stockholders' Equity

$         1,100,596,411


$              1,096,107,778


$           1,084,668,051

 



FREEDOM FINANCIAL HOLDINGS



CONSOLIDATED STATEMENTS OF OPERATIONS












(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)



For the three


For the three


For the nine


For the nine



months ended


months ended


months ended


months ended



September 30, 2024


September 30, 2023


September 30, 2024


September 30, 2023

Interest Income









Interest and Fees on Loans


$                12,358,391


$                11,513,273


$                36,534,919


$                32,353,378

Interest on Investment Securities


2,932,219


2,730,411


8,731,004


7,418,816

Interest on Deposits with Other Banks


390,373


471,031


1,094,445


1,236,258

Total Interest Income


15,680,983


14,714,715


46,360,368


41,008,452

Interest Expense









Interest on Deposits


7,968,925


7,829,199


23,858,749


19,496,776

Interest on Borrowings


1,613,452


359,191


3,667,858


1,089,153

Total Interest Expense


9,582,377


8,188,390


27,526,607


20,585,929










Net Interest Income


6,098,606


6,526,325


18,833,761


20,422,523

Provision for (Recovery of) Loan Losses


(546,439)


(205,000)


649,044


(986,000)

Net Interest Income After









Provision for Loan Losses


5,552,167


6,321,325


19,482,805


19,436,523

Non-Interest Income









Mortgage Loan Gain-on-Sale and Fee Revenue

649,097


470,800


1,931,187


1,619,007

 SBA Gain-on-Sale Revenue


-


-


287,032


-

Service Charges and Other Income


255,889


99,563


594,271


348,579

Gain on Sale of Securities


-


-


1,816


-

 Servicing Income


36,752


57,106


114,273


187,210

Swap Fee Income


-


-


-


-

Increase in Cash Surrender Value of Bank-









owned Life Insurance


211,642


188,781


616,402


715,155

Total Non-interest Income


1,153,380


816,250


3,544,981


2,869,951










Total Revenue


7,251,986


7,342,575


22,378,742


23,292,474










Non-Interest Expenses









Officer and Employee Compensation









and Benefits


3,674,499


3,410,564


10,953,786


11,029,253

Occupancy Expense


233,807


188,413


880,916


554,820

Equipment and Depreciation Expense


285,083


213,363


666,387


543,759

Insurance Expense


232,774


276,713


686,040


568,335

Professional Fees


532,379


365,316


1,627,717


1,040,801

Data and Item Processing


433,431


355,733


1,090,292


999,639

Advertising  


172,136


105,183


449,488


357,569

Franchise Taxes and State Assessment Fees


329,056


304,432


915,768


877,221

Mortgage Fees and Settlements


123,853


83,250


302,471


283,869

Other Operating Expense


374,273


309,232


1,096,487


1,159,120

Total Non-interest Expenses


6,391,291


5,612,199


18,669,352


17,414,386

Income Before Income Taxes


314,256


1,525,376


4,358,434


4,892,088

Income Tax Expense/(Benefit)


(30,663)


206,998


805,056


566,998

Net Income


$                         344,919


$                      1,318,378


$                      3,553,378


$                      4,325,090

Earnings per Common Share - Basic


$                               0.05


$                               0.18


$                               0.49


$                               0.60

Earnings per Common Share - Diluted


$                               0.05


$                               0.18


$                               0.49


$                               0.59

Weighted-Average Common Shares









Outstanding - Basic


7,263,880


7,277,022


7,271,981


7,250,615

Weighted-Average Common Shares 









Outstanding - Diluted


7,299,553


7,293,482


7,314,290


7,287,642

 




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


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023

Interest Income










Interest and Fees on Loans

$                 12,358,391


$                 11,893,288


$                 12,283,239


$                 12,076,745


$                 11,513,273

Interest on Investment Securities

2,932,219


2,927,306


2,871,479


2,933,870


2,730,411

Interest on Deposits with Other Banks  

390,373


375,815


328,257


502,411


471,031

Total Interest Income

15,680,983


15,196,409


15,482,975


15,513,026


14,714,715











Interest Expense










Interest on Deposits

7,968,925


7,865,934


8,023,891


8,108,762


7,829,199

Interest on Borrowings

1,613,452


1,142,481


911,926


634,972


359,191

Total Interest Expense

9,582,377


9,008,415


8,935,816


8,743,734


8,188,390











Net Interest Income

6,098,606


6,187,994


6,547,159


6,769,292


6,526,325

Provision for (Recovery of) Loan Losses

(546,439)


1,167,997


27,486


(4,751,441)


(205,000)

Net Interest Income after










Provision/Recovery for Loan Losses

5,552,167


7,355,991


6,574,645


2,017,851


6,321,325

Non-Interest Income










Mortgage Loan Gain-on-Sale and Fee Revenue

649,097


745,366


536,724


467,874


470,800

 SBA Gain-on-Sale Revenue

-


-


287,032


-


-

Service Charges and Other Income

255,889


221,022


117,361


326,205


99,563

Gains on Sale of Securities

-


1,816


-




-

Servicing Income

36,752


42,268


35,253


39,525


57,106

Swap Fee Income

-


-


-


-


-

Increase in Cash Surrender Value of Bank-










owned Life Insurance

211,642


206,796


197,963


191,788


188,781

Total Non-interest Income

1,153,380


1,217,268


1,174,334


1,025,392


816,250





















Total Revenue5

$                       7,251,986


$                       7,405,262


$                       7,721,494


$                       7,794,684


$                       7,342,575











Non-Interest Expenses










Officer and Employee Compensation










and Benefits

3,674,499


3,544,148


3,735,139


3,293,628


3,410,564

Occupancy Expense

233,807


255,233


391,876


191,674


188,413

Equipment and Depreciation Expense

285,083


185,959


195,345


212,999


213,363

Insurance Expense

232,774


229,259


224,007


237,133


276,713

Professional Fees

532,379


568,765


526,574


524,328


365,316

Data and Item Processing

433,431


395,579


261,282


323,605


355,733

Advertising

172,136


162,354


114,999


116,107


105,183

Franchise Taxes and State Assessment Fees

329,056


276,843


309,869


313,043


304,432

Mortgage Fees and Settlements

123,853


83,617


95,001


36,328


83,250

Other Operating Expense

374,273


349,979


372,234


514,081


309,231











Total Non-interest Expenses

6,391,291


6,051,736


6,226,327


5,762,926


5,612,198

Income before Income Taxes

314,256


2,521,526


1,522,651


(2,719,683)


1,525,375











Income Tax Expense

(30,663)


477,293


358,425


(713,291)


206,998











Net Income

$                          344,919


$                       2,044,233


$                       1,164,226


$                     (2,006,392)


$                       1,318,378

Earnings per Common Share - Basic

$                                0.05


$                                0.28


$                                0.16


$                              (0.27)


$                                0.18

Earnings per Common Share - Diluted

$                                0.05


$                                0.28


$                                0.16


$                              (0.27)


$                                0.18

Weighted-Average Common Shares










Outstanding - Basic

7,263,880


7,267,044


7,285,108


7,335,949


7,277,022

Weighted-Average Common Shares 










Outstanding - Diluted

7,299,553


7,305,392


7,325,415


7,361,422


7,293,482

 

Average Balances, Income and Expenses, Yields and Rates





























(Unaudited)
































































Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended






Three Months Ended







September 30, 2024






June 30, 2024






March 31, 2024






December 31, 2023






September 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


$                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 %


$                38,989,836


$      471,031


4.79 %
































Investments (Tax Exempt)


20,716,896


203,062




20,889,466


204,795




21,297,872


204,625




20,012,255


195,353




20,763,539


197,591



Investments (Taxable)


223,526,525


2,771,800




222,105,603


2,765,518




219,134,075


2,709,825




211,208,265


2,779,541




208,005,473


2,574,314



Total Investments


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 %


228,769,012


2,771,905


4.81 %
































Total Loans 


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 %


736,781,506


11,513,273


6.20 %
































Earning Assets


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 %


1,004,540,354


14,756,209


5.83 %






























































































Assets


$          1,111,788,038






$          1,096,367,899






$          1,093,119,403






$          1,084,945,735






$          1,062,975,635




































Liabilities































Interest Checking


$              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 %


$              213,956,322


$   2,130,491


3.95 %

Money Market


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 %


289,350,365


3,130,570


4.29 %

Savings


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 %


4,344,566


1,310


0.12 %

Time Deposits 


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 %


248,550,686


2,566,827


4.10 %

Interest Bearing Deposits


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 %


756,201,939


7,829,198


4.11 %
































Borrowings


$              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 %


$                40,480,346


$      359,191


3.52 %
































Interest Bearing Liabilities


871,468,840


9,582,377


4.37 %


856,249,562


9,008,414


4.23 %


853,011,411


8,935,817


4.21 %


830,245,656


8,743,736


4.18 %


796,682,285


8,188,389


4.08 %
































Non Interest Bearing Deposits


$              143,171,313






$              146,541,629






$              146,048,180






$              161,836,675






$              169,935,416




































Cost of Funds






3.76 %






3.61 %






3.60 %






3.50 %






3.36 %
































Net Interest Margin




$   6,141,249


2.32 %




$   6,231,002


2.41 %




$   6,590,129


2.54 %




$       6,810,314


2.62 %




$   6,567,819


2.59 %

Shareholders Equity


$                80,948,259






$                76,737,805






$                77,333,773






$                75,770,938






$                77,445,100





 

Average Balances, Income and Expenses, Yields and Rates 























(Unaudited)




















































Three Months Ended






Three Months Ended






Nine Months Ended






Nine Months Ended







September 30, 2024






September 30, 2023






September 30, 2024






September 30, 2023
































Average Balance


Income/
Expense


Yield


Average Balance


Income/
Expense


Yield


Average Balance


Income /
Expense


Yield


Average Balance


Income /
Expense


Yield

Assets

























Cash


$               29,674,932


$              390,373


5.23 %


$               38,989,836


$              471,031


4.79 %


$              28,420,248


$    1,094,445


5.14 %


$              35,503,240


$    1,236,258


4.66 %


























Investments (Tax Exempt)


20,716,896


203,062




20,763,539


197,591




20,967,161


$612,482




21,047,798


567,800



Investments (Taxable)


223,526,525


2,771,800




208,005,473


2,574,314




221,595,806


$8,247,143




196,676,203


6,970,254



Total Investments


244,243,421


2,974,862


4.85 %


228,769,012


2,771,905


4.81 %


242,562,967


8,859,625


4.88 %


217,724,001


7,538,054


4.63 %


























Total Loans 


780,143,594


12,358,391


6.30 %


736,781,506


11,513,273


6.20 %


774,031,626


36,534,919


6.30 %


722,319,320


32,353,378


5.99 %


























Earning Assets


1,054,061,947


15,723,626


5.93 %


1,004,540,354


14,756,209


5.83 %


$        1,045,014,841


46,488,989


5.94 %


975,546,561


41,127,690


5.64 %


























Assets


$         1,111,788,038






$         1,062,975,635






$        1,100,466,584






$        1,029,315,014






























Liabilities

























Interest Checking


$            204,529,638


$          2,268,166


4.41 %


$            213,956,322


$          2,130,491


3.95 %


$           220,192,189


7,259,619


4.40 %


$           188,805,623


5,342,886


3.78 %

Money Market


259,041,124


2,686,977


4.13 %


289,350,365


3,130,570


4.29 %


254,623,619


8,097,281


4.25 %


277,982,793


7,855,968


3.78 %

Savings


3,098,470


1,188


0.15 %


4,344,566


1,310


0.12 %


3,020,096


3,311


0.15 %


5,643,122


5,222


0.12 %

Time Deposits 


286,346,982


3,012,594


4.19 %


248,550,686


2,566,827


4.10 %


278,620,782


8,498,539


4.07 %


245,511,716


6,292,700


3.43 %

Interest Bearing Deposits


753,016,214


7,968,925


4.21 %


756,201,939


7,829,198


4.11 %


756,456,686


23,858,750


4.21 %


717,943,254


19,496,776


3.63 %


























Borrowings


$            118,452,626


$          1,613,452


5.42 %


$               40,480,346


$              359,191


3.36 %


$           103,827,577


$    3,667,858


4.72 %


$              45,125,282


$    1,089,153


3.23 %


























Interest Bearing Liabilities


871,468,840


9,582,377


4.37 %


796,682,285


8,188,389


4.08 %


860,284,263


27,526,608


4.27 %


763,068,536


20,585,929


3.61 %


























Non Interest Bearing Deposits


$            143,171,313






$            169,935,416






$           145,246,107






$           171,833,855






























Cost of Funds






3.76 %






3.36 %






3.66 %






2.94 %


























Net Interest Margin




$          6,141,249


2.32 %




$          6,567,819


2.59 %




$  18,962,381


2.42 %




$  20,541,761


2.82 %

Shareholders Equity


$               80,948,259






$               77,445,100






$              78,349,465






$              77,312,187





ROAA


0.12 %












0.43 %






0.56 %





ROAE


1.70 %












6.06 %






7.48 %





 

Selected Financial Data by Quarter Ended:






(Unaudited)






Balance Sheet Ratios

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

Loans held-for-investment to Deposits 

87.42 %

88.20 %

85.07 %

83.57 %

81.63 %

Income Statement Ratios (Quarterly)






Return on Average Assets (ROAA)

0.12 %

0.75 %

0.43 %

-0.73 %

0.49 %

Return on Average Equity (ROAE)

1.70 %

10.71 %

6.05 %

-10.51 %

6.75 %

Efficiency Ratio

88.13 %

81.72 %

80.64 %

73.93 %

76.43 %

Net Interest Margin

2.32 %

2.41 %

2.54 %

2.62 %

2.59 %

Yield on Average Earning Assets

5.93 %

5.90 %

5.99 %

5.99 %

5.83 %

Yield on Securities

4.85 %

4.92 %

4.88 %

5.10 %

4.81 %

Yield on Loans

6.30 %

6.22 %

6.39 %

6.29 %

6.20 %

Cost of Funds

3.76 %

3.61 %

3.60 %

3.50 %

3.36 %

Noninterest income to Total Revenue

15.90 %

16.44 %

15.21 %

13.16 %

11.12 %

Liquidity Ratios






Uninsured Deposits to Total Deposits

22.51 %

22.76 %

24.31 %

25.65 %

28.10 %

Total Liquidity to Uninsured Deposits

150.84 %

150.53 %

156.40 %

130.30 %

120.27 %

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

264.41 %

317.68 %

386.89 %

258.25 %

345.53 %

Tangible Common Equity Ratio 

7.54 %

7.24 %

7.09 %

7.12 %

7.14 %

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

7.38 %

7.01 %

6.85 %

6.88 %

6.83 %







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

91.47 %

91.33 %

91.24 %

91.31 %

90.96 %

Per Share Data






Tangible Book Value

$11.64

$11.11

$10.83

$10.78

$10.50

Tangible Book Value (ex AOCI)

$13.78

$13.70

$13.39

$13.25

$13.50

Share Price Data






Closing Price

$11.50

$9.75

$9.75

$10.42

$10.61

Book Value Multiple

99 %

88 %

92 %

97 %

101 %

Common Stock Data






Outstanding Shares at End of Period

7,133,105

7,137,030

7,155,058

7,166,684

7,198,334

Weighted Average shares outstanding, basic

7,263,880

7,267,044

7,285,108

7,335,949

7,277,022

Weighted Average shares outstanding, diluted

7,299,553

7,305,392

7,325,415

7,361,422

7,293,482

Capital Ratios (Bank Only)






Tier 1 Leverage ratio

10.23 %

10.28 %

10.26 %

10.26 %

10.64 %

Common Equity Tier 1 ratio

13.21 %

13.05 %

12.92 %

12.65 %

13.26 %

Tier 1 Risk Based Capital ratio

13.21 %

13.05 %

12.92 %

12.65 %

13.26 %

Total Risk Based Capital ratio

14.22 %

14.01 %

14.00 %

13.82 %

14.10 %

Credit Quality






Net Charge-offs to Average Loans

0.01 %

0.01 %

0.14 %

0.19 %

0.03 %

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

1.61 %

1.49 %

1.74 %

1.72 %

0.92 %

Total Non-performing Assets to Total Assets

1.14 %

1.06 %

1.21 %

1.22 %

0.66 %

Nonaccrual Loans to loans held-for-investment

1.61 %

1.49 %

1.74 %

1.72 %

0.92 %

Provision for (Recovery of) Loan Losses

$546,439

-$1,167,997

-$27,486

$4,751,441

$205,000

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

1.12 %

1.06 %

1.24 %

1.37 %

0.95 %

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

1.12 %

1.06 %

1.24 %

1.37 %

0.95 %

 


FREEDOM FINANCIAL HOLDINGS, INC.
CONSOLIDATED SELECTED FINANCIAL DATA
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES:











1Pre-Provision, Pretax Income







Quarter Ending


Year Ending





September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


September 30, 2024


September 30, 2023




















Net Income (GAAP)



$                 344,919


$         2,044,233


$         1,164,226


$           (2,006,392)


$              1,318,378


$              3,553,378


$              4,325,090


+ Income Tax Expense



(30,663)


477,293


358,425


(713,291)


206,998


805,056


566,998


Pretax Income



314,256


2,521,526


1,522,651


(2,719,683)


1,525,375


4,358,434


4,892,088


+ Provision for Loan Losses


(546,439)


1,167,997


27,486


(4,751,441)


(205,000)


649,044


(986,000)


Pre-Provision, Pretax Income


860,695


1,353,529


1,495,165


2,031,758


1,730,375


3,709,390


5,878,088




















2Tangible Book Value (ex-AOCI) (non-GAAP)







Quarter Ending










September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023






Shareholder's Equity

$            83,026,214


$       79,303,635


$       77,460,385


$           77,228,054


$            75,573,033






Outstanding Shares at End of Period

7,133,105


7,137,030


7,155,058


7,166,684


7,198,334






Tangible Book Value (GAAP)

$                      11.64


$                 11.11


$                 10.83


$                     10.78


$                      10.50






Accumulated Other Comprehensive Income (Net) (AOCI)

$            (15,296,856)


$       (18,466,282)


$       (18,326,721)


$           (17,715,015)


$            (21,597,860)






AOCI per share equivalent

(2.14)


(2.59)


(2.56)


(2.47)


(3.00)






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

$                      13.78


$                 13.70


$                 13.39


$                     13.25


$                      13.50































Quarter Ending


Year Ending


Income on Tax Exempt Securities


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


September 30, 2024


September 30, 2023


Tax Equivalent Adjustment


$                 160,419


$             161,788


$             161,654


$                154,329


$                 156,097


$                 483,861


$                 602,891


Income on Tax Exempt Securities (Non-GAAP)

42,643


43,007


42,971


41,024


41,494


128,621


$                 160,262






$                 203,062


$             204,795


$             204,625


$                195,353


$                 197,591


$                 612,482


$                 763,153




















3Net Interest Margin

















Average Earning Assets


$      1,054,061,947


$ 1,038,623,438


$ 1,042,259,725


$     1,029,726,048


$      1,004,540,354


$      1,045,014,841


$         975,546,561


Yield on Interest Earning Assets (GAAP)

5.98 %


5.88 %


5.97 %


5.98 %


5.81 %


5.93 %


5.64 %


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

5.93 %


5.90 %


5.99 %


5.99 %


5.83 %


5.94 %


5.64 %


Net Interest Margin (NIM) (GAAP)


2.33 %


2.40 %


2.53 %


2.61 %


2.58 %


2.41 %


2.65 %


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

2.32 %


2.41 %


2.54 %


2.62 %


2.59 %


2.42 %


2.82 %




















3 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

























4Efficiency Ratio (Non-GAAP)








 Quarter Ending


Year Ending






September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


September 30, 2024


September 30, 2023


Net Interest Income



$              6,098,606


$         6,187,994


$         6,547,159


$             6,769,292


$              6,526,324


$            18,833,761


$            20,422,523


Non-Interest Income



1,153,380


1,217,268


1,174,334


1,025,392


816,250


3,544,981


2,869,951


Total Revenue



$              7,251,985


$         7,405,262


$         7,721,493


$             7,794,684


$              7,342,574


$            22,378,742


$            23,292,474


Non-Interest Expense



6,391,291


6,051,736


6,226,327


5,762,926


5,612,199


18,669,352


17,414,386


Efficiency Ratio (Non-GAAP)


88.13 %


81.72 %


80.64 %


73.93 %


76.43 %


83.42 %


74.76 %




















5Liquidity Ratios (Non-GAAP)








Quarter Ending










September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023






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

91.47 %


91.33 %


91.31 %


91.31 %


90.96 %






Uninsured Deposits to Total Deposits

22.51 %


22.76 %


24.31 %


25.65 %


28.10 %






Total Liquidity to Uninsured Deposits

150.84 %


150.53 %


156.40 %


130.30 %


120.27 %






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

264.41 %


317.68 %


386.89 %


258.26 %


345.53 %






Tangible Common Equity Ratio


7.54 %


7.24 %


7.09 %


7.12 %


7.14 %






Tangible Common Equity Ratio(adjusted for unrealized losses 

7.38 %


7.01 %


6.85 %


6.88 %


6.83 %






on HTM Securities)



































5Total 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.
























6Total Revenue (Non-GAAP)








Quarter Ending


Year-to-Date






September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023


September 30, 2023


September 30, 2024


September 30, 2023


Net Interest Income



$              6,098,606


$         6,187,994


$         6,547,159


$             6,769,292


$              6,526,324


$            18,833,761


$            20,422,523


Non-Interest Income



1,153,380


1,217,268


1,174,334


1,025,392


816,250


3,544,981


2,869,951


Total Revenue (non-GAAP)


$              7,251,985


$         7,405,262


$         7,721,493


$             7,794,684


$              7,342,574


$            22,378,742


$            23,292,474


 

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-third-quarter-of-2024-302286675.html

SOURCE Freedom Financial Holdings

FAQ

What was Freedom Financial Holdings (FDVA) earnings per share in Q3 2024?

Freedom Financial Holdings reported earnings of $0.05 per diluted share in Q3 2024.

How much did FDVA's deposits increase in Q3 2024?

FDVA's total deposits increased by $8.41 million or 0.96% during Q3 2024.

What was FDVA's net interest margin in Q3 2024?

FDVA's net interest margin was 2.32% in Q3 2024, decreasing 9 basis points from the previous quarter.

What was Freedom Financial Holdings' (FDVA) tangible book value per share as of September 30, 2024?

FDVA's tangible book value per share was $11.64 as of September 30, 2024.

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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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