Freedom Financial Holdings Announces Earnings for Third Quarter of 2024
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.
- 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
- 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%
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
Third Quarter 2024 Highlights include:
- The Company posted net income of
or$344,919 per diluted share for the third quarter compared to net income of$0.05 or$2,044,243 per diluted share for the three months ended June 30, 2024, and net income of$0.28 or$1,318,378 per diluted share for the three months ending September 30, 2023. Pre-tax, pre-provision income was$0.18 in the third quarter compared to pre-tax, pre-provision income of$860,696 in the prior quarter.$1,353,529 - Tangible Book Value per share increased during the quarter to
on September 30, 2024, compared to$11.64 on December 31, 2023.$10.78 - Return on Average Assets ("ROAA") was
0.12% for the quarter ended September 30, 2024, compared to ROAA of0.75% for the quarter ended June 30, 2024, and0.49% 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 of10.71% for the three months ended June 30, 2024, and6.75% for the three months ended September 30, 2023. - Total Assets were
on September 30, 2024, an increase of$1.10 billion or$15.93 million 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
or by$8.41 million 0.96% during the quarter. Non-interest-bearing demand deposits increased by from the linked quarter to$7.57 million and represented$144.05 million 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 by41.30% 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
or by$339,555 5.61% compared to the linked quarter and increased by13.88% 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 to81.72% for the linked quarter and76.43% for the same period in 2023. - Uninsured deposits were
22.51% of total deposits and total available secured liquidity5 was150.84% of uninsured deposits on September 30, 2024. - Net charge offs were flat in the third quarter and were
0.01% of average loans compared to0.01% in the prior quarter. The ratio of non-accrual loans to loans held-for-investment was1.61% on September 30, 2024, compared to1.49% on June 30, 2024, and0.92% on September 30, 2023. The ratio of non-performing assets to total assets was1.14% on September 30, 2024, compared to1.06% on June 30, 2024, and0.66% on September 30, 2023. - The Company recognized a provision for loan losses of
, primarily related to specific reserves for two loan relationships.$546,439 - The ratio of the allowance for loan losses to loans held-for-investment was
1.12% compared to1.06% 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 of13.21% , Tier 1 Risk Based Capital ratio of13.21% and a Total Capital ratio of14.22% .
Net Interest Income
The Company recorded net interest income of
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% from6.22% in the linked quarter, while yields on investment securities decreased by 7 basis points to4.85% from4.92% 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% from3.61% 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 in pay-fixed, receive floating swaps and$80 million of a receive fixed, pay floating interest rate swap at the end of the third quarter.$20 million
Non-interest Income
Non-interest income was
Total Revenue6
Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was lower by
Non-interest Expense
Non-interest expense in the third quarter increased by
The Efficiency Ratio was
Asset Quality
Non-accrual loans increased in the third quarter and were at
The Company recognized a provision for loan losses of
The Company's ratio of Allowance for Loan Losses to loans held-for-investment was
Total Assets
Total assets on September 30, 2024, were
- 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
Stockholders' Equity and Capital
Stockholders' equity as of September 30, 2024, was
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
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
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 Shares Issued and Outstanding, September 30, 2024, June 30, 2024 and December 31, 2023 | |||||
Common Stock, | |||||
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/ | Yield | Average Balance | Income/ | Yield | Average Balance | Income/ | Yield | Average Balance | Income/ | Yield | Average Balance | Income/ | 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 | 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/ | Yield | Average Balance | Income/ | Yield | Average Balance | Income / | Yield | Average Balance | Income / | 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 | 21,047,798 | 567,800 | |||||||||||||||||
Investments (Taxable) | 223,526,525 | 2,771,800 | 208,005,473 | 2,574,314 | 221,595,806 | 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 | |||||
Tangible Book Value (ex AOCI) | |||||
Share Price Data | |||||
Closing Price | |||||
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 | - | - | |||
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. | |||||||||||||||||
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 | $ 1,029,726,048 | $ 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
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?
How much did FDVA's deposits increase in Q3 2024?
What was FDVA's net interest margin in Q3 2024?