Yahoo Finance Freedom Financial Holdings Announces Earnings for Third Quarter of 2023
FAIRFAX, Va., Oct. 27, 2023 /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 $1,318,378, or $0.18 per diluted share, for the three months ended September 30, 2023. This compares to net income of $1,770,075 or $0.24 per diluted share, for the linked quarter and net income of $2,689,950 or $0.37 per diluted share for the three months ended September 30, 2022. Net income for the nine months ended September 30, 2023, was $4,325,088 or $0.60 per diluted share, compared to $7,701,633 or $1.05 per diluted share for the nine months, ended September 30, 2022.
Joseph J. Thomas, President, and CEO, commented, "In this challenging economic environment, our team remains focused on serving existing clients and growing new lead client relationships. Freedom Bank enjoyed 17.2% annualized growth in loans and 10.2% annualized growth in deposits during the third quarter compared to the linked quarter. Our low loan-to-deposit ratio of 80.8% and our strong Tier 1 Capital Ratio of 13.5% on September 30, 2023, enable us to remain proactive in the market. As expected, this client-centered approach and conservative balance sheet posture has resulted in a reduced net interest margin, lower by 17 basis points as compared to the linked quarter, due to an elevated cost of deposits, higher by 31 basis points, in this environment of rapidly rising interest rates. Also, our fee income is lower by 26.6% compared to the linked quarter as a result of our decision to hold more of the higher yielding SBA and jumbo residential mortgage loans on balance sheet to grow interest income for future periods. We are encouraged by the recent trends that suggest margin decline and mix changes have slowed and our loan and investment yields are accelerating. We expect that our focus on clients and conservative financial philosophy will position us for future opportunities."
Third Quarter 2023 Highlights include:
Net income for the third quarter was $1,318,378 or $0.18 per diluted share compared to net income of $1,770,075 or $0.24 per diluted share in the linked quarter and net income of $2,689,950 or $0.37 per diluted share for the three months ending September 30, 2022.
Return on Average Assets ("ROAA") was 0.49% for the quarter ended September 30, 2023, compared to 0.69% for the linked quarter and 1.15% for the three months ended September 30, 2022.
Return on Average Equity ("ROAE") was 6.75% for the three months ended September 30, 2023, compared to 9.15% for the linked quarter and 13.81% for the three months ended September 30, 2022.
Total Assets were $1.06 billion on September 30, 2023, an increase of $73.91 million or 7.50% from total assets on December 31, 2022.
Loans held-for-investment (excluding PPP loans) increased by $31.20 million or by 4.31% during the quarter.
Uninsured deposits were 28.10% of total deposits and total available secured liquidity was 120.27% of uninsured deposits on September 30, 2023.
The tangible common equity ratio (adjusted for unrealized losses on held-to-maturity securities) was at 7.14% at the end of the quarter.
Total deposits increased by $23.16 million or by 2.56% in the third quarter. Non-interest-bearing demand deposits increased by $2.56 million from the linked quarter to $168.10 million and represented 18.15% of total deposits on September 30, 2023.
The net interest margin2 decreased in the third quarter to 2.59%, lower by 17 basis points compared to the linked quarter and lower by 112 basis points compared to the same period in 2022. The decrease in the net interest margin across linked and calendar quarters was primarily due to an increase in funding costs.
The cost of funds was 3.36% for the third quarter, higher by 31 basis points compared to the linked quarter and higher by 244 basis points compared to the same period in 2022, as deposit costs increased, partially offset by income from balance sheet hedges.
Non-interest income decreased by 26.60% compared to the linked quarter and decreased by 28.16% compared to the same period in 2022. The decrease in non-interest income in the third quarter of 2023 compared to the linked quarter and calendar quarter was primarily due to lower gain-on-sale revenue from mortgage and SBA loans, as continued market volatility and higher yields, have led to the Company electing to retain more mortgage and SBA loans on the balance sheet in 2023.
Non-interest expense in the third quarter increased by 4.11% compared to the linked quarter and increased by 1.10% compared to the same period in 2022. The increase in non-interest expense for linked quarters, was primarily due to a combination of higher occupancy, equipment, and insurance costs, partially offset by lower compensation expenses and settlement costs. The increase in non-interest expense compared to the calendar quarter was primarily due to higher equipment, insurance and data processing costs, partially offset by lower compensation and occupancy expenses.
The Efficiency Ratio3 was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.
Net charge offs declined in the third quarter and were 0.03% of average loans. The ratio of non-accrual loans to loans held-for-investment was 0.92% on September 30, 2023, compared to 1.23% on December 31, 2022. The ratio of non-performing assets to total assets was 0.66% on September 30, 2023, compared to 0.88% on December 31, 2022.
The Company recognized a $205,000 provision for loan losses during the third quarter and the ratio of the allowance for credit losses to loans held-for-investment was 0.95% compared to 0.98% in the linked quarter.
The Company continues to be well capitalized and capital ratios continue to be strong with a Leverage ratio of 10.64%, Common Equity Tier 1 ratio of 13.26%, Tier 1 Risk Based Capital ratio of 13.26% and a Total Capital ratio of 14.10%.
Net Interest Income
The Company recorded net interest income of $6.53 million for the third quarter of 2023, lower by 2.56% compared to the linked quarter, and lower by 20.82% compared to the same period in 2022. The net interest margin in the third quarter of 2023 was 2.59%, lower by 17 basis points compared to the linked quarter and lower by 112 basis points compared to the same period in 2022.
The following factors contributed to the changes in net interest margin during the third quarter of 2023 compared to the linked and calendar quarters:
Yields on average earning assets increased to 5.83% compared to 5.68% in the linked quarter and 4.58% in the calendar quarter. Higher yields on investment securities and loans drove the increase in yields on earning assets.
Loan yields increased by 20 basis points to 6.20% from 6.00% in the linked quarter, while yields on investment securities increased by 10 basis points to 4.81% from 4.71% in the linked quarter. Loan yields increased by 106 basis points, while yields on investment securities increased by 152 basis points compared to the calendar quarter. Repricing of loans and securities in the higher rate environment was the primary reason for higher yields on these asset categories.
Cost of funds increased by 31 basis points to 3.36% from 3.05% in the linked quarter, and by 244 basis points compared to the calendar quarter, primarily due to rising rates on interest checking, money market and time deposit accounts and a decrease in non-interest-bearing deposits. The increase in deposit expense was partially offset by interest income from balance sheet hedges, in the form of interest rate swaps, whereby the bank pays a fixed rate and receives the Federal Funds effective rate for the duration of the swaps. On September 13, 2023, the Company executed an interest rate swap with a notional amount of $30 million, to reduce the interest rate risk associated with fixed rate residential loans on the balance sheet, whereby the Company would pay a rate of 4.46% over the term of the swap and receive the effective Fed Funds rate over the same period. The notional amount of the interest rate swaps was $80 million with a weighted average remaining term of 3.26 years, as of September 30, 2023.
Non-interest Income
Non-interest income was $816,250 for the third quarter, a decrease of 26.60% when compared to the linked quarter and a decrease of 28.16% when compared to the same period in 2022. The decrease in non-interest income in the third quarter of 2023 compared to the linked quarter and calendar quarter was primarily due to lower gain-on-sale revenue from mortgage and SBA loans, as continued market volatility and higher yields, have led to the Company electing to retain more mortgage and SBA loans on the balance sheet in 2023.
Total Revenue5
Total revenue, defined as the sum of net interest income, before provision for loan losses, and non-interest income, was lower by 5.98% compared to the linked quarter and lower by 21.71% compared to the calendar quarter in 2022, due to a combination of lower net interest income, resulting from net interest margin compression, as well as a decline in non-interest income stemming from a combination of reduced mortgage and SBA loan activity and the Company electing to hold more mortgage and SBA loans on its balance sheet in 2023.
Non-interest Expenses
Non-interest expense in the third quarter increased by 4.11% compared to the linked quarter and increased by 1.10% compared to the same period in 2022. The increase in non-interest expense for linked quarters, was primarily due to a combination of higher occupancy, equipment, and insurance costs, partially offset by lower compensation expenses and settlement costs. The increase in non-interest expense compared to the calendar quarter was primarily due to higher equipment, insurance and data processing costs, partially offset by lower compensation and occupancy expenses.
The Efficiency Ratio was 76.43% for the quarter ended September 30, 2023, compared to 69.02% for the linked quarter and 59.19% for the same period in 2022.
Asset Quality
Non-accrual loans were relatively unchanged in the third quarter at $6,947,841 or 0.92% of loans held-for-investment compared to $6,776,013 or 0.93% of loans held-for-investment at the end of the linked quarter. As of September 30, 2023, 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, 2023. 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 $6,947,841 or 0.66% of total assets as of September 30, 2023, compared to $6,776,013 or 0.65% of total assets, at the end of the linked quarter.
Following an assessment of the collectability of the loans held-for-investment at the end of the second quarter, it was determined that a $205,000 provision for loan losses was necessary to account for loan growth and changes to environmental factors. The Company booked a provision of $238,000 in the second quarter of 2023.
The Company's ratio of Allowance for Credit Losses to loans held-for-investment was 0.95% as of September 30, 2023, compared to the ratio of Allowance for Loan and Lease Losses to loans held-for-investment of 1.09% as of December 31, 2022.
Total Assets
Total assets as of September 30, 2023, were $1.06 billion compared to $1.04 billion on June 30, 2023, and total assets of $985.06 million on December 31, 2022. Changes in major asset categories since December 31, 2022, were as follows:
Interest bearing deposits at banks decreased by $19.79 million on funding of strong loan growth.
Available for sale investment balances increased by $24.48 million.
Other loans held-for investment grew by $61.69 million
Total Liabilities
Total liabilities as of September 30, 2023, were $983.40 million compared to total liabilities of $963.90 million on June 30, 2023, and $910.12 million on December 31, 2022. Total deposits were $926.36 million on September 30, 2023, compared to $903.20 million on June 30, 2023, and total deposits of $848.90 million as of December 31, 2022. Non-interest-bearing demand deposits increased by $2.56 million during the third quarter and comprised 18.15% of total deposits at the end of the third quarter. Other interest-bearing demand deposits decreased by $7.76 million, savings deposits decreased by $1.60 million and time deposits increased by $29.96 million during the quarter.
Stockholders' Equity and Capital
Stockholders' equity as of September 30, 2023 was $75.57 million compared to $77.40 million on June 30, 2023, and $74.95 million as of December 31, 2022. The decrease was due to Accumulated Other Comprehensive Income ("AOCI"), which generally comprises unrealized gains and losses on available-for-sale securities and derivative position. AOCI declined during the third quarter of 2023 due to increased unrealized losses related to available-for-sale securities. The tangible book value of the Company's common stock on September 30, 2023, was $10.36 per share compared to $10.43 per share on December 31, 2022. Excluding AOCI losses/gains, the tangible book value of the Company's common stock on September 30, 2023, was $13.32 per share compared to $12.87 per share on December 31, 2022.
As of September 30, 2023, 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, 2023, and December 31, 2022, were as follows:
September 30, 2023 | December 31, 2022 | |
Total Capital Ratio | 14.10 % | 14.28 % |
Tier 1 Capital Ratio | 13.26 % | 13.37 % |
Common Equity Tier 1 Capital Ratio | 13.26 % | 13.37 % |
Leverage Ratio | 10.64 % | 11.32 % |
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. The Freedom Bank of Virginia also has an SBA division headquartered in Harrison, NY. 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. Some of the financial tables in this document reflect classifications to accounts to improve consistency in financial reporting.
FREEDOM FINANCIAL HOLDINGS | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | (Unaudited) | (Audited) | |||
September 30, | June 30, | December 31, | |||
2023 | 2023 | 2022 | |||
ASSETS | |||||
Cash and Due from Banks | $ 1,916,716 | $ 3,708,015 | $ 2,099,062 | ||
Interest Bearing Deposits with Banks | 12,880,986 | 29,896,249 | 32,674,953 | ||
Securities Available-for-Sale | 206,038,021 | 196,348,060 | 181,558,037 | ||
Securities Held-to-Maturity | 20,598,991 | 20,819,794 | 17,096,010 | ||
Restricted Stock Investments | 4,057,450 | 3,750,400 | 3,889,200 | ||
Loans Held for Sale | 3,487,878 | 6,917,461 | 5,064,385 | ||
PPP Loans Held for Investment | 278,090 | 1,916,844 | 5,829,662 | ||
Other Loans Held for Investment | 755,863,604 | 724,666,359 | 694,173,347 | ||
Allowance for Credit Losses | (7,214,359) | (7,107,804) | (7,614,120) | ||
Net Loans | 748,927,335 | 719,475,399 | 692,388,889 | ||
Bank Premises and Equipment, net | 910,365 | 945,786 | 989,072 | ||
Accrued Interest Receivable | 3,699,397 | 3,523,829 | 3,784,076 | ||
Deferred Tax Asset | 8,750,083 | 7,496,829 | 1,982,776 | ||
Bank-Owned Life Insurance | 26,539,551 | 26,350,770 | 26,248,974 | ||
Right of Use Asset, net | 2,097,713 | 2,207,805 | 1,736,285 | ||
Other Assets | 19,068,451 | 19,857,624 | 15,551,415 | ||
Total Assets | $ 1,058,972,938 | $ 1,041,298,020 | $ 985,063,133 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Deposits | |||||
Demand Deposits | |||||
Non-interest Bearing | $ 168,104,722 | $ 165,540,044 | $ 187,416,628 | ||
Interest Bearing | 499,194,764 | 506,957,179 | 409,760,573 | ||
Savings Deposits | 4,060,321 | 5,664,940 | 5,977,828 | ||
Time Deposits | 255,000,491 | 225,037,517 | 245,840,048 | ||
Total Deposits | 926,360,299 | 903,199,680 | 848,995,078 | ||
Federal Home Loan Bank Advances | 20,000,000 | 20,000,000 | 25,000,000 | ||
Other Borrowings | 278,090 | 2,834,173 | 5,826,298 | ||
Subordinated Debt (Net of Issuance Costs) | 19,753,237 | 19,733,756 | 19,674,794 | ||
Accrued Interest Payable | 2,291,470 | 1,935,957 | 1,265,796 | ||
Lease Liability | 2,036,523 | 2,128,300 | 1,862,773 | ||
Other Liabilities | 12,680,286 | 14,067,030 | 7,492,264 | ||
Total Liabilities | $ 983,399,904 | $ 963,898,897 | $ 910,117,002 | ||
Stockholders' Equity | |||||
Preferred stock, $0.01 par value, 5,000,000 shares authorized: | |||||
0 Shares Issued and Outstanding, September 30, June 30 and December 31, 2022 | |||||
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: | |||||
6,619,677, 6,623,845, and 6,583,328 Shares Issued and Outstanding | |||||
at September 30 2023, June 30, 2023, and December 31, 2022 respectively | |||||
(Includes 94,343, 99,011, and 72,069 Unvested Shares on September 30, 2023, June 30, 2023, and | |||||
December 31, 2022 respectively) | 65,253 | 65,248 | 65,160 | ||
Non-Voting Common Stock: | |||||
673,000, 673,000, 673,000 Shares Issued and Outstanding at September 30, 2023, June 30, 2023, and | |||||
December 31, 2022 respectively) | 6,730 | 6,730 | 6,730 | ||
Additional Paid-in Capital | 58,541,534 | 58,369,052 | 58,241,451 | ||
Accumulated Other Comprehensive Income, Net | (21,597,860) | (18,280,904) | (17,480,993) | ||
Retained Earnings | 38,557,376 | 37,238,997 | 34,113,783 | ||
Total Stockholders' Equity | 75,573,033 | 77,399,123 | 74,946,131 | ||
Total Liabilities and Stockholders' Equity | $ 1,058,972,938 | $ 1,041,298,020 | $ 985,063,133 | ||
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, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||
Interest Income | ||||||||
Interest and Fees on Loans | $ 11,513,273 | $ 8,408,971 | $ 32,353,378 | $ 22,710,581 | ||||
Interest on Investment Securities | 2,730,411 | 1,626,322 | 7,418,816 | 4,050,458 | ||||
Interest on Deposits with Other Banks | 471,031 | 171,644 | 1,236,258 | 261,790 | ||||
Total Interest Income | 14,714,715 | 10,206,937 | 41,008,452 | 27,022,829 | ||||
Interest Expense | ||||||||
Interest on Deposits | 7,829,199 | 1,647,182 | 19,496,776 | 2,827,212 | ||||
Interest on Borrowings | 359,191 | 317,128 | 1,089,153 | 725,176 | ||||
Total Interest Expense | 8,188,390 | 1,964,310 | 20,585,929 | 3,552,388 | ||||
Net Interest Income | 6,526,324 | 8,242,627 | 20,422,523 | 23,470,441 | ||||
Provision for Loan Losses | (205,000) | (382,000) | (986,000) | (921,000) | ||||
Net Interest Income After | ||||||||
Provision for Loan Losses | 6,321,324 | 7,860,627 | 19,436,523 | 22,549,441 | ||||
Non-Interest Income | ||||||||
Mortgage Loan Gain-on-Sale and Fee Revenue | 470,800 | 710,149 | 1,619,007 | 2,734,287 | ||||
SBA Gain-on-Sale Revenue | - | 63,727 | - | 593,557 | ||||
Service Charges and Other Income | 99,563 | 52,755 | 348,579 | 530,135 | ||||
Gain on Sale of Securities | - | 10,600 | - | 10,469 | ||||
Servicing Income | 57,106 | 54,792 | 187,210 | 164,858 | ||||
Swap Fee Income | - | 68,404 | - | 68,404 | ||||
Increase in Cash Surrender Value of Bank- | ||||||||
owned Life Insurance | 188,781 | 175,815 | 715,155 | 510,122 | ||||
Total Non-interest Income | 816,250 | 1,136,242 | 2,869,950 | 4,611,832 | ||||
Non-Interest Expenses | ||||||||
Officer and Employee Compensation | ||||||||
and Benefits | 3,410,564 | 3,655,913 | 11,029,253 | 11,665,177 | ||||
Occupancy Expense | 188,413 | 311,070 | 554,820 | 947,589 | ||||
Equipment and Depreciation Expense | 213,363 | 170,070 | 543,759 | 525,492 | ||||
Insurance Expense | 276,713 | 76,563 | 568,335 | 222,173 | ||||
Professional Fees | 365,316 | 251,597 | 1,040,801 | 823,573 | ||||
Data and Item Processing | 355,733 | 299,501 | 999,639 | 907,465 | ||||
Advertising | 105,183 | 104,119 | 357,569 | 324,454 | ||||
Franchise Taxes and State Assessment Fees | 304,432 | 282,912 | 877,221 | 707,648 | ||||
Mortgage Fees and Settlements | 83,250 | 97,495 | 283,869 | 332,554 | ||||
Other Operating Expense | 309,231 | 301,977 | 1,159,120 | 949,961 | ||||
Total Non-interest Expenses | 5,612,199 | 5,551,217 | 17,414,387 | 17,406,086 | ||||
Income Before Income Taxes | 1,525,376 | 3,445,652 | 4,892,086 | 9,755,187 | ||||
Income Tax Expense/(Benefit) | 206,998 | 755,702 | 566,998 | 2,053,554 | ||||
Net Income | $ 1,318,378 | $ 2,689,950 | $ 4,325,088 | $ 7,701,633 | ||||
Earnings per Common Share - Basic | $ 0.18 | $ 0.37 | $ 0.60 | $ 1.05 | ||||
Earnings per Common Share - Diluted | $ 0.18 | $ 0.37 | $ 0.59 | $ 1.05 | ||||
Weighted-Average Common Shares | ||||||||
Outstanding - Basic | 7,277,022 | 7,271,784 | 7,250,615 | 7,308,866 | ||||
Weighted-Average Common Shares | ||||||||
Outstanding - Diluted | 7,293,482 | 7,285,786 | 7,287,642 | 7,333,499 | ||||
FREEDOM FINANCIAL HOLDINGS | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||
For the three | For the three | For the three | For the three | For the three | ||||||
months ended | months ended | months ended | months ended | months ended | ||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||
Interest Income | ||||||||||
Interest and Fees on Loans | $ 11,513,273 | $ 10,857,368 | $ 9,982,737 | $ 9,503,228 | $ 8,408,971 | |||||
Interest on Investment Securities | 2,730,411 | 2,522,682 | 2,165,723 | 2,061,298 | 1,626,322 | |||||
Interest on Deposits with Other Banks | 471,031 | 464,321 | 300,906 | 339,592 | 171,644 | |||||
Total Interest Income | 14,714,715 | 13,844,371 | 12,449,366 | 11,904,118 | 10,206,937 | |||||
Interest Expense | ||||||||||
Interest on Deposits | 7,829,199 | 6,796,570 | 4,871,008 | 3,685,412 | 1,647,182 | |||||
Interest on Borrowings | 359,191 | 350,096 | 379,866 | 101,216 | 317,128 | |||||
Total Interest Expense | 8,188,390 | 7,146,666 | 5,250,874 | 3,786,628 | 1,964,310 | |||||
Net Interest Income | 6,526,324 | 6,697,705 | 7,198,492 | 8,117,490 | 8,242,627 | |||||
Provision for Loan Losses | (205,000) | (238,000) | (543,000) | (327,000) | (382,000) | |||||
Net Interest Income after | ||||||||||
Provision for Loan Losses | 6,321,324 | 6,459,705 | 6,655,492 | 7,790,490 | 7,860,627 | |||||
Non-Interest Income | ||||||||||
Mortgage Loan Gain-on-Sale and Fee Revenue | 470,800 | 769,649 | 378,558 | 357,654 | 710,149 | |||||
SBA Gain-on-Sale Revenue | - | - | - | 404,409 | 63,727 | |||||
Service Charges and Other Income | 99,563 | 94,428 | 154,588 | 92,235 | 52,755 | |||||
Gains on Sale of Securities | - | - | - | 20,503 | 10,600 | |||||
Servicing Income | 57,106 | 64,688 | 65,415 | 53,332 | 54,792 | |||||
Swap Fee Income | - | - | - | - | 68,404 | |||||
Increase in Cash Surrender Value of Bank- | ||||||||||
owned Life Insurance | 188,781 | 183,235 | 343,140 | 158,972 | 175,815 | |||||
Total Non-interest Income | 816,250 | 1,112,000 | 941,701 | 1,087,106 | 1,136,243 | |||||
Total Revenue5 | $ 7,342,574 | $ 7,809,705 | $ 8,140,192 | $ 9,204,596 | $ 9,378,870 | |||||
Non-Interest Expenses | ||||||||||
Officer and Employee Compensation | ||||||||||
and Benefits | 3,410,564 | 3,469,477 | 4,149,212 | 3,495,260 | 3,655,913 | |||||
Occupancy Expense | 188,413 | 38,488 | 327,919 | 318,462 | 311,070 | |||||
Equipment and Depreciation Expense | 213,363 | 148,901 | 181,495 | 179,679 | 170,070 | |||||
Insurance Expense | 276,713 | 136,555 | 155,068 | 140,926 | 76,563 | |||||
Professional Fees | 365,316 | 325,405 | 350,080 | 238,732 | 251,597 | |||||
Data and Item Processing | 355,733 | 323,906 | 320,000 | 304,767 | 299,501 | |||||
Advertising | 105,183 | 133,907 | 118,479 | 124,450 | 104,119 | |||||
Franchise Taxes and State Assessment Fees | 304,432 | 290,049 | 282,739 | 282,796 | 282,912 | |||||
Mortgage Fees and Settlements | 83,250 | 141,333 | 59,286 | 23,156 | 97,495 | |||||
Other Operating Expense | 309,231 | 382,577 | 467,311 | 271,396 | 301,977 | |||||
Total Non-interest Expenses | 5,612,199 | 5,390,599 | 6,411,589 | 5,379,623 | 5,551,217 | |||||
Income before Income Taxes | 1,525,376 | 2,181,106 | 1,185,604 | 3,497,972 | 3,445,652 | |||||
Income Tax Expense | 206,998 | 411,031 | (51,031) | 636,033 | 755,702 | |||||
Net Income | $ 1,318,378 | $ 1,770,075 | $ 1,236,635 | $ 2,861,939 | $ 2,689,950 | |||||
Earnings per Common Share - Basic | $ 0.18 | $ 0.24 | $ 0.17 | $ 0.40 | $ 0.37 | |||||
Earnings per Common Share - Diluted | $ 0.18 | $ 0.24 | $ 0.17 | $ 0.39 | $ 0.37 | |||||
Weighted-Average Common Shares | ||||||||||
Outstanding - Basic | 7,277,022 | 7,307,802 | 7,280,803 | 7,238,807 | 7,271,784 | |||||
Weighted-Average Common Shares | ||||||||||
Outstanding - Diluted | 7,293,482 | 7,317,113 | 7,317,805 | 7,252,669 | 7,285,786 | |||||
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, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||
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 | $ 38,989,836 | $ 471,031 | 4.79 % | $ 36,370,275 | $ 464,321 | 5.12 % | $ 31,062,495 | $ 300,906 | 3.93 % | $ 35,596,385 | $ 339,592 | 3.78 % | $ 37,133,361 | $ 171,644 | 1.83 % | ||||||||||||||||||||
Investments (Tax Exempt) | 20,763,539 | 197,591 | 21,202,088 | 187,739 | 21,182,371 | 182,470 | 20,664,285 | 184,800 | 21,615,440 | 186,314 | |||||||||||||||||||||||||
Investments (Taxable) | 208,005,473 | 2,574,314 | 197,080,849 | 2,374,368 | 184,686,055 | 2,021,572 | 182,096,499 | 1,915,306 | 179,086,818 | 1,479,134 | |||||||||||||||||||||||||
Total Investments | 228,769,012 | 2,771,905 | 4.81 % | 218,282,937 | 2,562,107 | 4.71 % | 205,868,426 | 2,204,042 | 4.34 % | 202,760,784 | 2,100,106 | 4.11 % | 200,702,258 | 1,665,447 | 3.29 % | ||||||||||||||||||||
Total Loans | 736,781,506 | 11,513,273 | 6.20 % | 726,201,568 | 10,857,368 | 6.00 % | 703,610,368 | 9,982,737 | 5.75 % | 689,158,712 | 9,503,228 | 5.47 % | 648,964,205 | 8,408,971 | 5.14 % | ||||||||||||||||||||
Earning Assets | 1,004,540,354 | 14,756,209 | 5.83 % | 980,854,780 | 13,883,796 | 5.68 % | 940,541,289 | 12,487,685 | 5.38 % | 927,515,881 | 11,942,926 | 5.11 % | 886,799,824 | 10,246,063 | 4.58 % | ||||||||||||||||||||
Assets | $ 1,062,975,635 | $ 1,035,350,077 | $ 988,804,262 | $ 969,662,029 | $ 929,265,436 | ||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest Checking | $ 213,956,322 | $ 2,130,491 | 3.95 % | $ 197,224,144 | $ 1,892,301 | 3.85 % | $ 154,625,978 | $ 1,320,093 | 3.46 % | $ 130,004,364 | $ 862,014 | 2.63 % | $ 132,342,702 | $ 458,605 | 1.37 % | ||||||||||||||||||||
Money Market | 289,350,365 | 3,130,570 | 4.29 % | 282,452,498 | 2,308,846 | 3.28 % | 261,801,221 | 2,036,801 | 3.16 % | 240,285,109 | 1,383,701 | 2.28 % | 216,851,258 | 581,082 | 1.06 % | ||||||||||||||||||||
Savings | 4,344,566 | 1,310 | 0.12 % | 5,678,056 | 1,586 | 0.11 % | 6,935,212 | 2,326 | 0.14 % | 6,108,935 | 3,067 | 0.20 % | 6,659,935 | 2,119 | 0.13 % | ||||||||||||||||||||
Time Deposits | 248,550,686 | 2,566,827 | 4.10 % | 239,305,940 | 2,593,837 | 4.35 % | 248,679,942 | 1,511,787 | 2.47 % | 261,984,431 | 1,436,630 | 2.18 % | 218,365,002 | 693,221 | 1.26 % | ||||||||||||||||||||
Interest Bearing Deposits | 756,201,939 | 7,829,198 | 4.11 % | 724,660,638 | 6,796,570 | 3.76 % | 672,042,353 | 4,871,007 | 2.94 % | 638,382,839 | 3,685,412 | 2.29 % | 574,218,895 | 1,735,027 | 1.20 % | ||||||||||||||||||||
Borrowings | $ 40,480,346 | $ 359,191 | 3.52 % | $ 45,865,355 | $ 350,096 | 3.06 % | $ 49,125,142 | $ 379,866 | 3.14 % | $ 46,940,688 | $ 101,216 | 0.86 % | $ 53,279,949 | $ 229,283 | 1.72 % | ||||||||||||||||||||
Interest Bearing Liabilities | 796,682,285 | 8,188,389 | 4.08 % | 770,525,994 | 7,146,666 | 3.72 % | 721,167,495 | 5,250,873 | 2.95 % | 685,323,527 | 3,786,628 | 2.19 % | 627,498,844 | 1,964,310 | 1.24 % | ||||||||||||||||||||
Non Interest Bearing Deposits | $ 169,935,416 | $ 169,160,626 | $ 176,477,412 | $ 202,342,666 | $ 215,426,363 | ||||||||||||||||||||||||||||||
Cost of Funds | 3.36 % | 3.05 % | 2.37 % | 1.69 % | 0.92 % | ||||||||||||||||||||||||||||||
Net Interest Margin2 | $ 6,567,819 | 2.59 % | $ 6,737,130 | 2.76 % | $ 7,236,812 | 3.12 % | $ 8,156,298 | 3.49 % | $ 8,281,753 | 3.71 % | |||||||||||||||||||||||||
Shareholders Equity | $ 77,445,100 | $ 77,557,760 | $ 76,928,018 | $ 73,185,633 | $ 77,295,762 | ||||||||||||||||||||||||||||||
2 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank's net yield on its earning assets | |||||||||||||||||||||||||||||||||||
Average Balances, Income and Expenses, Yields and Rates | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | Income / | September 30, 2022 | Income / | September 30, 2023 | Income / | September 30, 2022 | Income / | ||||||||||||||||||
Average Balance | Expense | Yield | Average Balance | Expense | Yield | Average Balance | Expense | Yield | Average Balance | Expense | Yield | ||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ 38,989,836 | $ 471,031 | 4.79 % | $ 37,133,361 | $ 171,644 | 1.83 % | $ 35,503,240 | $ 1,236,258 | 4.66 % | $ 37,647,786 | $ 261,790 | 0.93 % | |||||||||||||
Investments (Tax Exempt) | 20,763,539 | 197,591 | 21,615,440 | 186,314 | 21,047,798 | 567,800 | 22,375,856 | 561,761 | |||||||||||||||||
Investments (Taxable) | 208,005,473 | 2,574,314 | 179,086,818 | 1,479,134 | 196,676,203 | 6,970,254 | 171,038,679 | 3,606,666 | |||||||||||||||||
Total Investments | 228,769,012 | 2,771,905 | 4.81 % | 200,702,258 | 1,665,448 | 3.29 % | 217,724,001 | 7,538,054 | 4.63 % | 193,414,535 | 4,168,427 | 2.88 % | |||||||||||||
Total Loans | 736,781,506 | 11,513,273 | 6.20 % | 648,964,205 | 8,408,971 | 5.14 % | 722,319,320 | 32,353,378 | 5.99 % | 624,640,709 | 22,710,581 | 4.86 % | |||||||||||||
Earning Assets | 1,004,540,354 | 14,756,209 | 5.83 % | 886,799,824 | 10,246,063 | 4.58 % | 975,546,561 | 41,127,690 | 5.64 % | 855,703,030 | 27,140,798 | 4.24 % | |||||||||||||
Assets | $ 1,062,975,635 | $ 929,265,436 | $ 1,029,315,014 | $ 895,613,292 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest Checking | $ 213,956,322 | $ 2,130,491 | 3.95 % | $ 132,342,702 | $ 458,605 | 1.37 % | $ 188,805,623 | $ 5,342,886 | 3.78 % | $ 125,858,701 | $ 641,578 | 0.68 % | |||||||||||||
Money Market | 289,350,365 | 3,130,570 | 4.29 % | 216,851,258 | 581,082 | 1.06 % | 277,982,793 | 7,855,968 | 3.78 % | 206,538,632 | 851,530 | 0.55 % | |||||||||||||
Savings | 4,344,566 | 1,310 | 0.12 % | 6,659,935 | 2,119 | 0.13 % | 5,643,122 | 5,222 | 0.12 % | 7,205,229 | 5,992 | 0.11 % | |||||||||||||
Time Deposits | 248,550,686 | 2,566,827 | 4.10 % | 218,365,002 | 693,221 | 1.26 % | 245,511,716 | 6,292,700 | 3.43 % | 192,997,346 | 1,328,113 | 0.92 % | |||||||||||||
Interest Bearing Deposits | 756,201,939 | 7,829,197 | 4.11 % | 574,218,897 | 1,735,027 | 1.20 % | 717,943,254 | 19,496,776 | 3.63 % | 532,599,908 | 2,827,213 | 0.71 % | |||||||||||||
Borrowings | $ 40,480,346 | 359,191 | 3.52 % | $ 53,279,949 | 229,283 | 1.72 % | $ 45,125,282 | $ 1,089,153 | 3.23 % | $ 60,289,005 | 725,176 | 1.61 % | |||||||||||||
Interest Bearing Liabilities | 796,682,285 | 8,188,389 | 4.08 % | 627,498,846 | 1,964,310 | 1.24 % | 763,068,535 | 20,585,929 | 3.61 % | 592,888,913 | 3,552,389 | 0.80 % | |||||||||||||
Non Interest Bearing Deposits | $ 169,935,416 | $ 215,426,363 | $ 171,833,855 | $ 213,731,534 | |||||||||||||||||||||
Cost of Funds | 3.36 % | 0.92 % | 2.94 % | 0.59 % | |||||||||||||||||||||
Net Interest Margin2 | $ 6,567,819 | 2.59 % | $ 8,281,753 | 3.71 % | $ 20,541,760 | 2.82 % | $ 23,588,409 | 3.69 % | |||||||||||||||||
Shareholders Equity | $ 77,445,100 | $ 77,295,762 | $ 77,312,187 | $ 79,593,533 | |||||||||||||||||||||
ROAA | 0.49 % | 1.15 % | 0.56 % | 1.15 % | |||||||||||||||||||||
ROAE | 6.75 % | 13.81 % | 7.48 % | 12.94 % | |||||||||||||||||||||
2 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank's net yield on its earning assets | |||||||||||||||||||||||||
Selected Financial Data by Quarter Ended: | |||||
(Unaudited) | |||||
Balance Sheet Ratios | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 |
Loans held-for-investment to Deposits | 81.63 % | 80.45 % | 81.18 % | 82.45 % | 79.19 % |
Income Statement Ratios (Quarterly) | |||||
Return on Average Assets (ROAA) | 0.49 % | 0.69 % | 0.51 % | 1.17 % | 1.15 % |
Return on Average Equity (ROAE) | 6.75 % | 9.15 % | 6.52 % | 15.51 % | 13.81 % |
Efficiency Ratio3 | 76.43 % | 69.02 % | 78.76 % | 58.44 % | 59.19 % |
Net Interest Margin2 | 2.59 % | 2.76 % | 3.12 % | 3.49 % | 3.71 % |
Yield on Average Earning Assets | 5.83 % | 5.68 % | 5.38 % | 5.11 % | 4.58 % |
Yield on Securities | 4.81 % | 4.71 % | 4.34 % | 4.11 % | 3.29 % |
Yield on Loans | 6.20 % | 6.00 % | 5.75 % | 5.47 % | 5.14 % |
Cost of Funds | 3.36 % | 3.05 % | 2.37 % | 1.69 % | 0.92 % |
Noninterest income to Total Revenue | 11.12 % | 14.24 % | 11.57 % | 11.81 % | 12.11 % |
Liquidity Ratios4 | |||||
Uninsured Deposits to Total Deposits | 28.10 % | 25.78 % | 21.77 % | 27.05 % | 30.57 % |
Total Liquidity6 to Uninsured Deposits | 120.27 % | 120.82 % | 149.16 % | 127.88 % | 119.04 % |
Total Liquidity to Unfunded Commitments, CDs and Borrowings maturing in next 30 days | 345.53 % | 213.43 % | 206.92 % | 190.69 % | 231.02 % |
Tangible Common Equity Ratio | 7.14 % | 7.43 % | 7.62 % | 7.61 % | 7.52 % |
Tangible Common Equity Ratio (adjusted for unrealized losses on HTM securities) | 6.83 % | 7.16 % | 7.38 % | 7.36 % | 7.23 % |
Available -for-Sale securities (as % of total securities) | 90.96 % | 90.41 % | 91.89 % | 91.39 % | 91.17 % |
Per Share Data | |||||
Tangible Book Value | $10.36 | $10.75 | $10.71 | $10.43 | $9.96 |
Tangible Book Value (ex AOCI)1 | $13.32 | $13.29 | $13.02 | $12.87 | $12.33 |
Share Price Data | |||||
Closing Price | $10.61 | $10.56 | $13.95 | $14.57 | $14.60 |
Book Value Multiple | 102 % | 98 % | 130 % | 140 % | 147 % |
Common Stock Data | |||||
Outstanding Shares at End of Period | 7,292,677 | 7,296,845 | 7,214,466 | 7,256,328 | 7,281,606 |
Weighted Average shares outstanding, basic | 7,277,022 | 7,307,802 | 7,280,803 | 7,238,807 | 7,271,784 |
Weighted Average shares outstanding, diluted | 7,293,482 | 7,317,113 | 7,317,805 | 7,252,669 | 7,285,786 |
Capital Ratios (Bank Only) | |||||
Tier 1 Leverage ratio | 10.64 % | 10.99 % | 11.30 % | 11.32 % | 11.59 % |
Common Equity Tier 1 ratio | 13.26 % | 13.52 % | 13.47 % | 13.37 % | 13.62 % |
Tier 1 Risk Based Capital ratio | 13.26 % | 13.52 % | 13.47 % | 13.37 % | 13.62 % |
Total Risk Based Capital ratio | 14.10 % | 14.37 % | 14.34 % | 14.28 % | 14.55 % |
Credit Quality | |||||
Net Charge-offs to Average Loans | 0.03 % | 0.04 % | 0.06 % | 0.02 % | 0.00 % |
Total Non-performing Loans to loans held-for-investment | 0.92 % | 0.93 % | 0.96 % | 1.23 % | 1.31 % |
Total Non-performing Assets to Total Assets | 0.66 % | 0.65 % | 0.67 % | 0.88 % | 0.90 % |
Nonaccrual Loans to loans held-for-investment | 0.92 % | 0.93 % | 0.96 % | 1.23 % | 1.31 % |
Provision for Loan and Lease Losses | $205,000 | $238,000 | $543,000 | $327,000 | $382,000 |
Allowance for Loan and Lease Losses to net loans held-for-investment | 0.95 % | 0.98 % | 1.01 % | 1.09 % | 1.12 % |
Allowance for Loan and Lease Losses to net loans held-for-investment (ex PPP loans) | 0.95 % | 0.98 % | 1.02 % | 1.10 % | 1.13 % |
2 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank's net yield on its earning assets | |||||
6 Total Liquidity is the sum of cash, cash balances at banks, unencumbered available-for-sale securities and secured borrowing availability at the Federal Reserve and the Federal Home Loan Bank. | |||||
FREEDOM FINANCIAL HOLDINGS, INC. | ||||||||||||||||||
CONSOLIDATED SELECTED FINANCIAL DATA | ||||||||||||||||||
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES: | ||||||||||||||||||
1 Tangible Book Value (ex-AOCI) (non-GAAP) | As of | |||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||
Shareholder's Equity | $ 75,573,033 | $ 77,399,123 | $ 77,256,026 | $ 74,946,131 | $ 72,490,029 | |||||||||||||
Outstanding Shares at End of Period | 7,292,677 | 7,197,834 | 7,214,466 | 7,184,259 | 7,281,606 | |||||||||||||
Tangible Book Value (GAAP) | $ 10.36 | $ 10.75 | $ 10.71 | $ 10.43 | $ 9.96 | |||||||||||||
Accumulated Other Comprehensive Income (Net) (AOCI) | $ (21,597,860) | $ (18,280,904) | $ (16,644,981) | $ (17,480,993) | $ (17,287,737) | |||||||||||||
AOCI per share equivalent | (2.96) | (2.54) | (2.31) | (2.43) | (2.37) | |||||||||||||
Tangible Book Value (ex-AOCI) (non-GAAP) | $ 13.32 | $ 13.29 | $ 13.02 | $ 12.87 | $ 12.32 | |||||||||||||
2 Net interest income has been computed on a fully taxable equivalent basis ("FTE") | Quarter Ending | Year Ending | ||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||
Income on Tax Exempt Securities | $ 156,097 | $ 148,314 | $ 144,151 | $ 146,021 | $ 147,188 | $ 448,562 | $ 443,791 | |||||||||||
Tax Equivalent Adjustment | 41,494 | 39,425 | 38,319 | 38,816 | 39,126 | 119,238 | $ 117,970 | |||||||||||
Income on Tax Exempt Securities (Non-GAAP) | $ 197,591 | $ 187,739 | $ 182,470 | $ 184,837 | $ 186,314 | $ 567,800 | $ 561,761 | |||||||||||
Average Earning Assets | $ 1,004,540,354 | $ 980,854,780 | $ 940,541,289 | $ 927,515,881 | $ 886,799,824 | $ 975,546,561 | $ 855,703,030 | |||||||||||
Yield on Interest Earning Assets (GAAP) | 5.81 % | 5.66 % | 5.37 % | 5.09 % | 4.57 % | 5.62 % | 4.22 % | |||||||||||
Yield on Interest-Earning Assets (FTE) (Non-GAAP) | 5.83 % | 5.68 % | 5.38 % | 5.11 % | 4.58 % | 5.64 % | 4.24 % | |||||||||||
Net Interest Margin (NIM) (GAAP) | 2.58 % | 2.74 % | 3.10 % | 3.47 % | 3.69 % | 2.80 % | 3.67 % | |||||||||||
Net Interest Margin (NIM) (FTE) (Non-GAAP) | 2.59 % | 2.76 % | 3.12 % | 3.49 % | 3.71 % | 2.82 % | 3.69 % | |||||||||||
3 Efficiency Ratio (Non-GAAP) | Quarter Ending | Year Ending | ||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||
Net Interest Income | $ 6,526,324 | $ 6,697,705 | $ 7,198,492 | $ 8,117,490 | $ 8,242,627 | $ 20,422,523 | $ 23,470,441 | |||||||||||
Non-Interest Income | 816,250 | 1,112,000 | 941,701 | 1,087,106 | 1,136,242 | 2,869,950 | 4,611,832 | |||||||||||
Total Revenue | $ 7,342,574 | $ 7,809,705 | $ 8,140,193 | $ 9,204,596 | $ 9,378,869 | $ 23,292,473 | $ 28,082,273 | |||||||||||
Non-Interest Expense | 5,612,199 | 5,390,599 | 6,411,589 | 5,379,623 | 5,551,217 | 17,414,387 | 17,406,086 | |||||||||||
Efficiency Ratio (Non-GAAP) | 76.43 % | 69.02 % | 78.76 % | 58.44 % | 59.19 % | 74.76 % | 61.98 % | |||||||||||
4Liquidity Ratios (Non-GAAP) | Quarter Ending | |||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||
Available-for-Sale Securities (as % of total securities) | 90.96 % | 90.41 % | 91.89 % | 91.39 % | 91.17 % | |||||||||||||
Uninsured Deposits to Total Deposits | 28.10 % | 25.78 % | 21.77 % | 27.05 % | 30.57 % | |||||||||||||
Total Liquidity to Uninsured Deposits | 120.27 % | 120.82 % | 149.16 % | 127.88 % | 119.04 % | |||||||||||||
Total Liquidity to Unfunded Commitments, CDs and Borrowings maturing in next 30 days | 345.53 % | 213.43 % | 206.92 % | 190.69 % | 231.02 % | |||||||||||||
Tangible Common Equity Ratio | 7.14 % | 7.43 % | 7.62 % | 7.61 % | 7.52 % | |||||||||||||
Tangible Common Equity Ratio(adjusted for unrealized losses | 6.83 % | 7.16 % | 7.38 % | 7.36 % | 7.23 % | |||||||||||||
on HTM Securities) | ||||||||||||||||||
5 Total Revenue (Non-GAAP) | Quarter Ending | Year-to-Date | ||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||
Net Interest Income | $ 6,526,324 | $ 6,697,705 | $ 7,198,492 | $ 8,117,490 | $ 8,242,627 | $ 20,422,523 | $ 23,470,441 | |||||||||||
Non-Interest Income | 816,250 | 1,112,000 | 941,701 | 1,087,106 | 1,136,242 | 2,869,950 | 4,611,832 | |||||||||||
Total Revenue (non-GAAP) | $ 7,342,574 | $ 7,809,705 | $ 8,140,193 | $ 9,204,596 | $ 9,378,869 | $ 23,292,473 | $ 28,082,273 | |||||||||||
Contact:
Joseph J. Thomas
President & Chief Executive Officer
703-667-4161: Phone
jthomas@freedom.bank: Email
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SOURCE Freedom Financial Holdings
