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The Freedom Bank of Virginia Announces Earnings for the First Quarter of 2019

FAIRFAX, Va. (April 26, 2019) – The Freedom Bank of Virginia (OTCQX: FDVA), (the “Bank” or “Freedom”) today announced net income of $515,986, or $0.07 per diluted share, for the quarter ended March 31, 2019.

Joseph J. Thomas, President and CEO, remarked, “After four months of restructuring in 2018, our first quarter 2019 financial results reflect the revamped Board and Management team’s efforts to improve the performance and profitability of the Bank. While we have more ground to make up, the improvement in ROAA to 0.43% is a reflection of our ability to remix our loans and deposits to improve margin, revitalize loan origination in our residential mortgage division, and reduce operating costs across all categories. Notably, these results included $175 thousand in non-recurring expenses related to a separation agreement with our Chief Lending Officer in March. The annualized growth in our demand deposits of 34.6% during the first quarter reflects the success of our experienced teammates at Freedom to create lead relationships and that our investment in new digital products and solutions is resonating with our clients and prospects. With our strengthened and stabilized management and infrastructure now squarely in place, we anticipate future growth in loan and deposit balances driven by current commercial and community banking associates and new banking professionals joining the Bank.”

First Quarter 2019 Highlights include:

  • Net income for the quarter was $515,986 or $0.07 per diluted share, compared to $15,251 for the fourth quarter of 2018, equivalent to $0.00 per diluted share, and compared to $308,206, or $0.05 per diluted share, for the same period in 2018;
  • Return on Average Assets (“ROAA”) was 0.43% for the quarter ended March 31, 2019 compared to 0.01% for the previous quarter and 0.24% for the quarter ended March 31, 2018;
  • Return on Average Equity (“ROAE”) was 3.51% for the quarter ended March 31, 2019 compared to 0.10% for the previous quarter and 2.24% for the same period in 2018;
  • Total assets were $477.90 million on March 31, 2019, relatively unchanged compared to December 31, 2018;
  • Loans receivable declined by $16.62 million or by 4.22% during the quarter, while loans held-for-sale increased by $6.15 million or by 139.2% compared to December 31, 2018;
  • Securities increased by $5.97 million or by 12.39% during the quarter;
  • Total deposits decreased by $5.50 million or by 1.37% since December 31, 2018, primarily due to runoff in high cost interest-bearing deposits;
  • Non-interest bearing demand deposits increased by $5.77 million during the quarter to $72.8 million, and comprised 18.41% of total deposits at March 31, 2019;
  • The net interest margin was 3.42% for the quarter, higher by 4 basis points compared to the previous quarter and by 12 basis points compared to the same quarter in 2018;
  • Non-interest income increased by 27.92% compared to the previous quarter, and by 41.54% compared to the same period in 2018, primarily due to higher revenue from the sale of mortgage loans and income from Bank-Owned Life Insurance (“BOLI”);
  • Non-interest expenses decreased by 2.04% and by 2.48% compared to the previous quarter and the same period in 2018, respectively. The Efficiency Ratio was 86.83% for the quarter ended March 31, 2019 compared to 91.67% for the previous quarter and 93.15% for the same period in 2018;
  • The Bank’s allowance for loan and lease losses (“ALLL”) was 1.19% of loans receivable at March 31, 2019 compared to 1.16% of loans receivable at December 31, 2018;
  • Asset quality remains strong with the ratio of non-performing assets to total assets at 0.62% as of March 31, 2019 compared to a ratio of 0.69% as of December 31, 2018;
  • Capital ratios continue to be strong, and above regulatory minimums for well-capitalized banks: Total Risk Based Capital ratio of 16.42%, Tier 1 Risk Based Capital ratio of 15.28%, Common Equity Tier 1 ratio of 15.28% and Tier 1 Leverage ratio of 12.61% at March 31, 2019.

Net Interest Income

The Bank recorded net interest income of $4.08 million for the first quarter of 2019, a decrease of 4.43% compared to the previous quarter and lower by 6.05% compared to the same period in 2018, primarily due to a decline in earning assets. The net interest margin in the first quarter of 2019 was 3.42%, higher by 4 basis points compared to the previous quarter, and higher by 12 basis points compared to the same period in 2018.

The following factors contributed to the changes in net interest margin during the first quarter of 2019 compared to the previous quarter:

  • Yields on average earning assets increased by 17 basis points to 4.81% compared to 4.64% in the previous quarter.
  • Loan yields increased by 17 basis points to 5.22% from 5.05% in the previous quarter, while yields on investment securities increased by 16 basis points to 2.76%, from 2.60% in the previous quarter.
  • Cost of funds increased by 13 basis points to 1.54%, from 1.41% in the previous quarter, primarily due to higher costs related to time deposits.

The following factors contributed to the changes in net interest margin during the first quarter of 2019 compared to the same period in 2018:

  • Yields on average earning assets increased by 48 basis points to 4.81% compared to 4.33% in the quarter ended March 31, 2018.
  • Loan yields increased by 23 basis points to 5.22% from 4.99% in the quarter ended March 31, 2018, while yields on investment securities increased by 38 basis points to 2.76%, from 2.38% in the quarter ended March 31, 2018.
  • Cost of funds increased by 40 basis points to 1.54%, from 1.14% in the quarter ended March 31, 2018, primarily due to higher costs related to time deposits.

Non-interest Income

Non-interest income increased by 27.92% compared to the previous quarter and was higher by 41.54% compared to the quarter ended March 31, 2018. The principal contributors to the increase in non-interest income were higher gain-on-sale revenue from mortgage loans and an increase in the cash surrender value of BOLI. The Bank purchased $10 million of BOLI in the fourth quarter of 2018.

  • Total revenue from the gain on sale of mortgage loans increased by 18.99% compared to the previous quarter, and by 37.94% compared to the same period in 2018. The increase in gain-on-sale revenue was driven by the higher volume of mortgage originations during the first quarter of 2019, accompanied by an increase in margins.

Non-interest Expenses

Non-interest expenses decreased by 2.04% compared to the previous quarter and by 2.48% compared to the same period in 2018. Principal categories of non-interest expenses that changed were the following:

  • Compensation costs increased by 3.84% compared to the previous quarter and by 8.90% compared to the same period in 2018. The compensation costs in the first quarter of 2019 include $175,198 in severance expenses related to a separation agreement with our Chief Lending Officer. Excluding the $175,198 in severance expenses would have resulted in compensation costs for the first quarter that were lower by 2.36% compared to the previous quarter.
  • Professional fees were also lower by 32.47% compared to the previous quarter, and by 48.80% compared to the same period in 2018.
  • Equipment and depreciation expenses increased in the first quarter of 2019 primarily due to licensing of on-line banking software.

Income Taxes

Income tax expense was $8,756 in the first quarter of 2019 compared to a benefit of $11,606 in the previous quarter and tax expense of $81,600 in the same period in 2018. The tax expense in the first quarter of 2019 included a benefit of $84,166 related to the exercise of non-qualified stock options. Excluding this tax benefit, the effective tax rate in the first quarter of 2019 would have been 17.71% compared to an effective tax rate of 20.93% for the same period in 2018.

Asset Quality

Non-accrual loans were $2.48 million at the end of the first quarter of 2019, compared to $2.84 million at the end of the prior quarter, and $557,349 on March 31, 2018. As of March 31, 2019, there were two troubled debt restructurings (“TDRs”) not on non-accrual with a balance of $560,805, or 0.12% of total loans, compared to $460,805, or 0.12% of total loans on December 31, 2018, and $77,046, or 0.02% of total loans on March 31, 2018. On March 31, 2019, December 31, 2018 and March 31, 2018, there were no loans that were 90 days or more past due and not on non-accrual. Additionally, there was no other real estate owned (“OREO”) on the balance sheet on March 31, 2019, December 31, 2018 or March 31, 2018. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and not on non-accrual, loans that were TDRs but not on non-accrual, and OREO assets) were $2.94 million or 0.62% of total assets, compared to $3.30 million or 0.69% of total assets at December 31, 2018, and $634,395 or 0.12% of total assets at March 31, 2018.

The Bank did not recognize a provision for loan and lease losses for the first quarter of 2019, compared to a provision of $406,000 during the previous quarter, following a review of its loan portfolio. The Bank’s ALLL was 1.19% of loans receivable at March 31, 2019, compared to 1.16% of loans receivable at December 31, 2018 and 1.14% of loans receivable on March 31, 2018.

Total Assets

Total assets at March 31, 2019 were $477.90 million compared to $478.81 million on December 31, 2018. Changes in major asset categories during linked quarters were as follows:

  • Cash balances and deposits with other banks were relatively unchanged compared to December 31, 2018.
  • The securities portfolio increased by $5.97 million compared to December 31, 2018, as the Bank deployed excess liquidity into higher yielding investment securities.
  • Loans receivable declined by $16.62 million on payoff activity during the quarter.
  • Loans held-for-sale increased by $6.15 million during the quarter.
  • Other assets increased by $3.83 million primarily due to the recording of a right-to-use lease asset as a result of adoption of ASC 842, the new lease accounting standard, in the first quarter of 2019.

Total Liabilities

Total liabilities at March 31, 2019 were $417.62 million, compared to total liabilities of $419.70 million on December 31, 2018. Total deposits were $395.23 million on March 31, 2019, compared to total deposits of $400.73 million on December 31, 2018. On a linked quarter basis, interest bearing demand deposits declined by $6.62 million, with the bulk of the decline occurring in money market balances, while time deposits decreased by $4.10 million. The decline in high cost interest bearing deposits was partially offset by an increase in non-interest bearing deposits during the quarter. Non-interest bearing demand deposits increased during the quarter by $5.76 million to $72.78 million and comprised 18.41% of total deposits at the end of the quarter, compared to 16.72% of total deposits on December 31, 2018. Federal Home Loan Bank advances were relatively unchanged during the quarter.

Stockholders’ Equity and Capital

Stockholders’ equity at March 31, 2019 was $60.28 million compared to $59.11 million on December 31, 2018. Additional paid in capital at March 31, 2019 was $57.53 million on March 31, 2019 compared to $57.42 million on December 31, 2018. Accumulated Other Comprehensive Income (“AOCI”), which generally comprises unrealized gains and losses on available-for-sale securities on the balance sheet, increased by $540,840 on lower unrealized losses during the quarter. Total shares issued and outstanding were 6,996,602 on March 31, 2019 compared to 6,981,602 on December 31, 2018. The book value of the Bank’s common stock at March 31, 2019 was $8.62 compared to $8.47 per share on December 31, 2018.

As of March 31, 2019, all of the Bank’s capital ratios were well above regulatory minimum capital ratios for well capitalized banks. The Bank’s capital ratios on March 31, 2019 and December 31, 2018 were as follows:

    March 31, 2019     December 31, 2018
 
Total Capital Ratio 16.42% 15.85%
 
Tier 1 Capital Ratio 15.28% 14.73%
 
Common Equity
Tier 1 Capital Ratio 15.28% 14.73%
 
Leverage Ratio 12.61% 12.15%
 

About Freedom Bank

Freedom Bank is a community-oriented bank with locations in Fairfax, Reston, Chantilly and Vienna, Virginia. Freedom Bank also has a mortgage division headquartered in Chantilly. For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at www.freedombankva.com.

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, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, 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, and acquisition or loss of key production personnel. The Bank 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 Bank 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.

 
THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED BALANCE SHEETS
      (Unaudited)     (Audited)
March 31, December 31,
2019 2018
ASSETS
Cash and Due from Banks $ 1,796,929 $ 1,270,559
Interest Bearing Deposits with Banks 13,804,921 14,376,684
Securities Available-for-Sale 54,177,183 48,204,339
Restricted Stock Investments 3,041,300 3,076,000
Loans Held for Sale 10,562,219 4,415,520
Loans Receivable 377,458,580 394,080,457
Allowance for Loan Losses   (4,509,489)   (4,572,392)
Net Loans 372,949,091 389,508,065
Bank Premises and Equipment, net 1,678,539 1,748,935
Other Real Estate Owned - -
Accrued Interest Receivable 1,363,329 1,229,534
Deferred Tax Asset 864,642 1,247,513
Bank-Owned Life Insurance 12,493,532 12,401,317
Other Assets   5,170,809   1,336,521
Total Assets $ 477,902,494 $ 478,814,987
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Demand deposits
Non-interest bearing $ 72,778,632 $ 67,012,857
Interest bearing 121,777,996 128,403,357
Savings deposits 2,481,822 3,023,239
Time deposits   198,188,774   202,292,311
Total Deposits 395,227,224 400,731,764
Federal Home Loan Bank advances 17,000,000 17,142,857
Other accrued expenses 4,981,063 1,607,492
Accrued interest payable   408,730   218,537
Total Liabilities   417,617,016   419,700,650
Stockholders' Equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized;
0 shares issued and outstanding, 2019 and 2018 - -
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:
6,323,602 and 6,308,602 shares issued and outstanding
at March 31, 2019 and December 31, 2018, respectively
(includes 115,000 unvested shares at March 31, 2019 and
31-Dec-18 63,236 63,086
Non-Voting Common Stock:
673,000, 673,000 shares issued and outstanding March 31, 2019
and December 31 2018 6,730 6,730
Additional paid-in capital 57,530,232 57,416,068
Accumulated other comprehensive loss, net (583,261) (1,124,101)
Retained earnings   3,268,541   2,752,554
Total Stockholders' Equity   60,285,478   59,114,337
Total Liabilities and Stockholders' Equity $ 477,902,494 $ 478,814,987
 
 
THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS
         
For the quarter ended For the quarter ended
March 31, March 31,
2019     2018
Interest Income
Interest and fees on loans $ 5,173,978 $ 5,062,087
Interest on investment securities 492,345 596,889
Interest on Federal funds sold   -       466
Total Interest Income 5,666,323 5,659,442
Interest Expense
Interest on deposits 1,501,319 1,273,775
Interest on borrowings   87,132       45,426
Total Interest Expense 1,588,451 1,319,201
 
Net Interest Income 4,077,872 4,340,241
Provision for Loan Losses   -       -
Net Interest Income after
Provision for Loan Losses   4,077,872       4,340,241
Non-Interest Income
Gain on sale of mortgage loans 794,940 576,275
Service charges and other income 73,171 90,582
Gains on sale of securities 2,688 -
Increase in cash surrender value of bank-
owned life insurance   92,215       13,537
Total Non-interest Income   963,014       680,394
Non-Interest Expenses
Officer and employee compensation
and benefits 2,932,993 2,693,270
Occupancy expense 275,776 273,113
Equipment and depreciation expense 185,521 141,569
Insurance expense 77,984 81,496
Professional fees 323,358 631,522
Data and item processing 252,548 277,357
Business development 35,269 70,577
Franchise taxes 141,887 131,156
Mortgage fees and settlements 117,906 125,480
Other operating expense   172,902       205,289
Total Non-interest Expenses   4,516,144       4,630,829
Income before Income Taxes 524,742 389,806
Income Tax Expense   8,756       81,600
Net Income $ 515,986     $ 308,206
Earnings per Common Share - Basic $ 0.07     $ 0.05
Earnings per Common Share - Diluted $ 0.07     $ 0.05
Weighted-Average Common Shares
Outstanding - Basic   7,097,602       6,526,908
Weighted-Average Common Shares
Outstanding - Diluted   7,173,623       6,847,521
 
 
THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS
                     
For the quarter ended For the quarter ended For the quarter ended For the quarter ended For the quarter ended
March 31, December 31, September 30, June 30, March 31,
2019     2018     2018     2018     2018
Interest Income
Interest and fees on loans $ 5,173,978 $ 5,301,122 $ 5,390,476 $ 5,263,052 $ 5,062,087
Interest on investment securities 492,345 512,395 558,583 556,298 596,889
Interest on Federal funds sold   -       -       -       -       466
Total Interest Income 5,666,323 5,813,517 5,949,059 5,819,350 5,659,442
 
Interest Expense
Interest on deposits 1,501,319 1,457,064 1,389,640 1,231,777 1,273,775
Interest on borrowings   87,132       89,460       103,954       83,513       45,426
Total Interest Expense 1,588,451 1,546,524 1,493,594 1,315,290 1,319,201
 
Net Interest Income 4,077,872 4,266,993 4,455,465 4,504,061 4,340,241
Provision for Loan Losses   -       406,000       -       -       -
Net Interest Income after
Provision for Loan Losses   4,077,872       3,860,993       4,455,465       4,504,061       4,340,241
Non-Interest Income
Gain on sale of mortgage loans 794,940 668,073 846,654 1,077,193 576,275
Service charges and other income 73,171 62,342 46,719 79,490 90,582
Gains on sale of securities 2,688 - (1,181,108) - -
Increase in cash surrender value of bank-
owned life insurance   92,215       22,396       13,652       13,585       13,537
Total Non-interest Income   963,014       752,811       (274,083)       1,170,268       680,394
 
Non-Interest Expenses
Officer and employee compensation
and benefits 2,932,993 2,824,477 3,151,301 2,985,202 2,693,270
Occupancy expense 275,776 269,963 277,941 277,968 273,113
Equipment and depreciation expense 185,521 172,048 166,368 184,298 141,569
Insurance expense 77,984 78,345 78,535 200,437 81,496
Professional fees 323,358 478,839 628,584 369,089 631,522
Data and item processing 252,548 312,108 365,946 294,419 277,357
Business development 35,269 57,289 47,320 70,108 70,577
Franchise taxes 141,887 141,886 141,887 138,310 131,156
Mortgage fees and settlements 117,906 95,353 137,423 140,155 125,480
Other operating expense   172,902       179,851       245,204       199,813       205,289
 
Total Non-interest Expenses   4,516,144       4,610,159       5,240,509       4,859,799       4,630,829
Income before Income Taxes 524,742 3,645 (1,059,127) 814,530 389,806
 
Income Tax Expense   8,756       (11,606)       (226,718)       114,300       81,600
 
Net Income $ 515,986     $ 15,251     $ (832,409)     $ 700,230     $ 308,206
Earnings per Common Share - Basic $ 0.07     $ 0.00     $ (0.12)     $ 0.11     $ 0.05
Earnings per Common Share - Diluted $ 0.07     $ 0.00     $ (0.12)     $ 0.10     $ 0.05
Weighted-Average Common Shares
Outstanding - Basic   7,097,602       7,085,636       6,873,123       6,629,749       6,526,908
Weighted-Average Common Shares
Outstanding - Diluted   7,173,623       7,207,759       6,873,123       6,856,291       6,847,521
 
   
Average Balances, Income and Expenses, Yields and Rates
(Unaudited)
      Quarter Ended             Quarter Ended    
March 31, 2019 December 31, 2018
Average Balance Income/Expense Yield Average Balance Income/Expense Yield
Assets
Cash $20,706,435 $125,328 2.45% $32,879,357 $174,692 2.11%
Investments $53,952,790 $367,018 2.76% $51,616,117 $337,702 2.60%
Loans $389,356,905     $5,010,729 5.22% $404,471,545 $5,205,719 5.05%
Earning Assets $464,016,130 $5,503,075 4.81% $488,967,019 $5,718,113 4.64%
 
Assets $482,503,597 $495,545,951
 
Liabilities
Interest Checking $6,933,095 $9,165 0.54% $6,493,346 $25,092 1.53%
Money Market $116,599,595 $395,239 1.37% $138,479,122 $448,482 1.28%
Savings $2,892,660 $1,411 0.20% $2,447,627 $1,233 0.20%
Time Deposits $199,846,160     $1,095,504 2.22% $199,890,149 $982,234 1.99%
Interest Bearing Deposits $326,271,510 $1,501,319 1.87% $347,310,244 $1,457,041 1.66%
 
FHLB Borrowings $17,131,746 $87,131 2.06% $17,211,379 $89,460 2.06%
 
Interest Bearing Liabilities $343,403,256 $1,588,450 1.88% $364,521,623 $1,546,501 1.68%
 
Non Interest Bearing Deposits $74,141,543 $70,149,557
 
Cost of Funds 1.54% 1.41%
 
Net Interest Margin $3,914,625 3.42% $4,171,612 3.38%
Shareholders Equity $59,571,345 $58,383,853
 
 
Average Balances, Income and Expenses, Yields and Rates
(Unaudited)
      Quarter Ended             Quarter Ended        
March 31, 2019 March 31, 2018
Average Balance Income/Expense Yield Average Balance Income/Expense Yield
Assets
Cash $20,706,435 $125,328 2.45% $39,495,885 $141,413 1.45%
Investments $53,952,790 $367,018 2.76% $77,700,057 $455,476 2.38%
Loans $389,356,905     $5,010,729     5.22% $404,754,388 $4,975,556 4.99%
Earning Assets $464,016,130 $5,503,075 4.81% $521,950,330 $5,572,445 4.33%
 
Assets $482,503,597 $526,109,962
 
Liabilities
Interest Checking $6,933,095 $9,165 0.54% $6,049,082 $7,034 0.47%
Money Market $116,599,595 $395,239 1.37% $178,265,278 $527,260 1.20%
Savings $2,892,660 $1,411 0.20% $2,150,831 $1,151 0.22%
Time Deposits $199,846,160     $1,095,504     2.22% $204,333,649 $738,330 1.47%
Interest Bearing Deposits $326,271,510 $1,501,319 1.87% $390,798,840 $1,273,775 1.32%
 
FHLB Borrowings $17,131,746 $87,131 2.06% $10,419,048 $45,425 1.77%
 
Interest Bearing Liabilities $343,403,256 $1,588,450 1.88% $402,217,888 $1,319,200 1.33%
 
Non Interest Bearing Deposits $74,141,543 $68,058,978
 
Cost of Funds 1.54% 1.14%
 
Net Interest Margin $3,914,625 3.42% $4,253,245 3.30%
Shareholders Equity $59,571,345 $55,786,998
 
 
Selected Financial Data by Quarter
(Unaudited)
      March 31, 2019     December 31, 2018     September 30, 2018     June 30, 2018     March 31, 2018
Balance Sheet Ratios 98.23% 99.44% 93.64% 94.62% 90.33%
Loans to Deposits
Income Statement Ratios
Return on Average Assets (ROAA) 0.43% 0.01% -0.64% 0.55% 0.24%
Return on Average Equity (ROAE) 3.51% 0.10% -5.74% 5.07% 2.24%
Efficiency Ratio 86.83% 91.67% 126.19% 85.65% 93.15%
Net Interest Margin 3.42% 3.38% 3.38% 3.46% 3.30%
Yield on Average Earning Assets 4.81% 4.64% 4.55% 4.48% 4.33%
Yield on Securities 2.76% 2.60% 2.50% 2.36% 2.38%
Yield on Loans 5.22% 5.05% 4.95% 5.05% 4.99%
Cost of Funds 1.54% 1.41% 1.31% 1.17% 1.14%
Per Share Data
Tangible Book Value $8.62 $8.47 $8.36 $8.44 $8.39
Share Price Data
Closing Price $10.00 $10.23 $12.12 $12.10 $12.68
Book Value Multiple 116% 121% 145% 143% 151%
Common Stock Data
Outstanding Shares at End of Period 6,996,602 6,981,602 6,950,165 6,719,644 6,526,908
Weighted Average shares outstanding, basic 7,097,602 7,085,636 6,873,123 6,629,749 6,526,908
Weighted Average shares outstanding, diluted 7,173,623 7,207,759 6,873,123 6,856,291 6,847,521
Capital Ratios
Tier 1 Leverage ratio 12.61% 12.15% 11.66% 11.37% 10.64%
Common Equity Tier 1 ratio 15.28% 14.73% 14.46% 14.03% 13.87%
Tier 1 Risk Based Capital ratio 15.28% 14.73% 14.46% 14.03% 13.87%
Total Risk Based Capital ratio 16.42% 15.85% 15.50% 15.09% 14.99%
Credit Quality
Net Charge-offs to Average Loans 0.02% 0.03% 0.01% 0.04% 0.01%
Total Non-performing Loans to Total Loans 0.76% 0.83% 1.45% 0.08% 0.16%
Total Non-performing Assets to Total Assets 0.62% 0.69% 1.38% 0.29% 0.12%
Nonaccrual Loans to Total Loans 0.64% 0.71% 1.07% 0.00% 0.14%
Allowance for Loan and Lease Losses to loans receivable 1.19% 1.16% 1.06% 1.09% 1.14%
 

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


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10555 Main Street, Ste 100
Fairfax, VA 22030
(703) 242-5300
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502 Maple Avenue West
Vienna, VA 22180
(703) 667-4170
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11700 Plaza America Dr Ste 110
Reston, VA 20190
(703) 663-2300
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4500 Daly Drive Suite 240
Chantilly, VA 20151
(571) 395-4000
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4211 Pleasant Valley Road
Chantilly, VA 20151
(703) 766-6400
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