FREEDOM FINL HLDGS INC - FDVA STOCK NEWS

The Freedom Bank of Virginia (OTCQX: FDVA) has introduced a new digital invoicing and payment solution for small business clients, powered by Autobooks. This service enables businesses to create professional invoices and send them directly to customers, facilitating secure payments via credit card or ACH with no monthly fees. Joe Thomas, President and CEO, highlighted the bank's commitment to combining technology with personalized service, enhancing the banking experience for small businesses.

Freedom Financial Holdings (OTCQX: FDVA) reported a net income of $2,689,950 or $0.37 per diluted share for Q3 2022, an increase from $2,227,385 or $0.30 in Q2 2022 but down from $2,890,281 or $0.39 in Q3 2021. For the first nine months of 2022, net income was $7,701,632 or $1.05 per diluted share. Total assets grew to $964.28 million, with annualized organic loan growth of 22.33% and deposit growth of 43.01%. Non-interest income saw a decline of 31.44% due to mortgage revenue reductions. The Company maintains a strong balance sheet with a Tier 1 Capital Ratio of 13.62%.

The Freedom Bank of Virginia (OTCQX: FDVA) announced that its inaugural Fall Gala raised over $110,000 to support economic inclusion for entrepreneurs of color in Northern Virginia. The funds will be allocated to the NOVA Freedom Fund, which offers financing and technical assistance to minority business owners in the DC Region. President Joe Thomas expressed gratitude for the community's support, emphasizing the gala's success in exceeding its fundraising goal. The Freedom Bank Foundation is a 501(c)(3) nonprofit organization dedicated to these initiatives.

Freedom Bank (OTCQX: FDVA) has been designated as a Preferred Lender by the Small Business Administration (SBA), enabling it to process most SBA-guaranteed loans without prior SBA review. This designation allows for a more efficient loan process, benefiting small businesses and entrepreneurs. President and CEO, Joe Thomas, highlighted the bank's commitment to serving clients in the DC Region while expanding nationwide. This strategic move aims to enhance service and product offerings, addressing funding needs in the business community.

The Freedom Bank of Virginia (OTCQX: FDVA) is set to host its inaugural Freedom Bank Foundation Gala on September 29, 2022, at Reston Town Center. This event aims to raise funds for economic inclusion efforts in the local community, specifically targeting minorities and entrepreneurs of color through the NOVA Freedom Fund, developed in partnership with the Community Business Partnership (CBP). CEO Joe Thomas highlighted the gala's role in enhancing awareness and funding for initiatives that propel local businesses. The Freedom Bank Foundation operates as a nonprofit focused on expanding access to capital.

Freedom Financial Holdings (FDVA) reported a net income of $2.23 million or $0.30 per diluted share for Q2 2022, down from $2.78 million in Q1 2022. The decline was attributed to a significant drop in fee-based revenue, particularly from mortgage banking, which fell by 51.29%. However, a robust 18.24% growth in net interest income helped mitigate losses. The company's Tier 1 Capital Ratio stands at 13.84%. Total assets increased to $895.52 million, up 3.75% from the prior quarter, while non-interest income decreased by 27.72%.

The Freedom Bank of Virginia (OTCQX: FDVA) has appointed Dave Dockendorff as Senior Vice President and Market President for Loudoun County. His role focuses on cultivating relationships with commercial businesses and non-profits in the area. Dockendorff, previously with M&T Bank for over 17 years, aims to leverage his network and consultative approach to enhance client services. Freedom Bank, headquartered in Fairfax, VA, has total assets of $876.8 million as of December 31, 2021, and offers commercial and personal banking solutions.

Freedom Financial Holdings (OTCQX: FDVA) reported a net income of $2,743,088 ($0.37 per diluted share) for Q4 2021, down from $2,890,281 ($0.39 per diluted share) in Q3 2021. Full-year net income rose by 45.67% to $10,727,961 ($1.44 per diluted share). The increase was fueled by higher net interest income and organic loan growth of 26.89%, despite a decrease in non-interest income by 36.91%. The company also authorized a stock repurchase of up to 250,000 shares. As of December 31, 2021, total assets reached $876.85 million, marking a 14.31% rise year-over-year.

The Freedom Bank of Virginia's Board of Directors has approved a new mission and strategy for the Freedom Foundation, focusing on economic inclusion. The Foundation will collaborate with non-profits to foster financial inclusion in the communities served by the Bank. An annual event will be coordinated, supported by donations from the Bank and its employees. Additionally, the Bank is launching a comprehensive Diversity, Equity, Inclusion and Belonging initiative named 'Keep Dreaming,' coinciding with Martin Luther King Jr.'s birthday, aimed at enhancing employee engagement and community support.