[Renee]

FDVA: effective Nov. 1,2021 Freedom Bank of Virginia will change to Freedom Financial Hldgs. Inc.:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[Enterprising Investor]

Freedom Bank Earns Record Net Income for Second Quarter and First Half of 2017 (7/20/17)

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX:FDVA) earned second quarter net income of $1,075,512, up 62.1% from $663,424 for the second quarter of 2016, and mid-year net income of $1,724,136, up 61.7% from $1,065,875 earned through June 30, 2016. Earnings per share for the second quarter were $0.17 versus $0.11 the prior year. For the first half of the year, earnings per share were $0.28, up from $0.17 in 2016. Book value per share was $8.69 at June 30, 2017 compared to $8.17 the prior year.

CEO Craig Underhill indicated, “The bank continues its three year trend of rapid net income growth. Once again the net income after taxes for 2017 exceeded the pre-tax figure for the prior year both for the quarter and for the first half of the year. First half net income of $1,724,136 for 2017 has already exceeded the full year net income for the bank in 2015. The bank is pleased with the earnings increases and core deposit growth through June 30th.”

Balance Sheet Review

The bank continues to show year over year growth. Total assets increased $43,660,625 (9.2%) to $519,492,612. The bank remained liquid with $37,530,549 in cash and federal funds sold. Investment securities totaled $49,514,739 providing $87,045,288 in liquid assets approximating 16.8% of total assets. In addition, the bank had $14,953,016 in municipal bonds held to maturity.

Loans held for investment of $396,553,521 at June 30, 2017, which was a $29,793,285 (8.1%) increase from the prior year. Loans held for sale were $14,442,513, down from $17,958,377 the prior year.

Asset quality was superior to national peers and improved from the prior year. Loan balances thirty days past due and still accruing interest was $134,333 at June 30, 2017 down from $156,682 at June 30, 2016. Non performing assets were only 0.10% of total assets at June 30, 2017, down from 0.20% a year earlier. Asset quality was assisted during the second quarter by a $286,000 loan recovery, which increased the allowance for loan and leases to $4,522,570. This recovery increased the allowance percentage at June 30, 2017 to 1.14%, up from 0.98% a year earlier due to the unexpected recovery.

EVP & Chief Lending Officer C. Kevin Curtis indicated, “In 2017 the bank is focusing on full business relationships which have significantly increased transaction account balances in addition to loans.”

Non-interest bearing checking deposits increased $1,970,190 (3.0%) to $68,598,802 at June 30, 2017 while interest bearing checking deposits were $145,830,987, up $42,510,010 (41.2%) from the prior year. Transaction account balances comprised 47.3% of total deposits at June 30, 2017 compared to 43.0% at June 30, 2016. Time Deposits consisting of certificate of deposit balances grew to $236,101,388 from $222,870,391.

Retained earnings and redemption of warrants offered in a 2015 capital raise increased total capital from $50,392,942 at June 30, 2016 to $53,929,937 at June 30, 2017. All capital ratios remained well above the level considered to well capitalized even with the higher capital levels required under the Basel III accords.

Operations for the Second Quarter

Revenue growth was strong in the second quarter of 2017 compared with the previous year. Interest on loans increased to $5,362,916 for the quarter ended June 30, 2017 from $4,532,347 the same quarter the prior year. Investment income on securities was up to $451,885 for the quarter from $335,430 for the second quarter of 2016. Higher interest rates combined with more deposits cause interest expense to increase to $1,187,580 for the quarter, up from $882,691 at June 30, 2016 quarter-end.

The bank had a recovery of a previously charged off loan in the second quarter of 2017 that resulted in a recovery of approximately $286,000. This precluded the need for the bank to make a provision for loan losses in the second quarter of 2017. The bank made a $267,000 provision for loan losses in the second quarter of 2016.

The bank had non-interest income to $1,489,782 for the second quarter of 2017 compared to $1,523,046 for the comparable quarter of 2016. As in previous years, the gain on sale of mortgages of $1,416,510 was the primary driver of non-interest income.

Non-interest expense increased 6.0% to $4,491,567 in the second quarter of 2017 compared to the prior year. Compensation and benefits was most of the increase, up $157,340 or 5.8% to $2,891,120. This was a combination of more employees and merit increases.

Net income before taxes was $1,075,512 for the quarter ended June 30, 2017 compared to $663,425 a year earlier. This was the first quarter in which the bank earned over $1 million for a calendar quarter. Income taxes for the quarter were $554,000 compared to $342,500 the prior year. Higher net income produced higher returns for shareholders. The ROA for the second quarter was 0.85% in 2017, up from 0.56% in 2016. The ROE was 8.08% for the second quarter of 2017, up from 5.35% in 2016.

Operations for the Six Months Ended June 30, 2017

The large increase in net profit resulted from increased revenue. Interest on loans increased 18.8% to $10,528,769 from $8,856,643 the prior year. Investment income on securities was up to $786,288 from $619,807 at June 30, 2016. Higher interest rates combined with more deposits cause interest expense to increase to $2,226,902 at June 30, 2017, up from $1,730,975 the previous year.

The provision for loan losses was only $30,000 at June 30, 2017 compared to $410,000 at June 30, 2016. The reason was the large recovery on a troubled credit combined with the reduced pace of loan growth in the first half of 2017.

Non-interest income was $2,310,119 at June 30, 2017 in line with the $2,327,818 the prior year. As in previous years, the gain on sale of mortgages of $2,144,901 was the driver of non-interest income.

Non-interest expense increased 6.0% to $8,762,215 at June 30, 2017 from the previous year. Compensation and benefits was most of the increase, up $449,720 or 8.7% to $5,637,181. This was a combination of more employees and merit increases.

Net income before taxes was $2,612,236 at June 30, 2017 compared to $1,616,174 a year earlier. Income taxes through June 30, 2017 were $888,100 and $550,300 through June 30, 2016. Increased profitability generated higher returns for shareholders. The ROA for the first half of 2017 was 0.60%, up from 0.50% in 2016. The ROE for the first half of 2017 was 5.35%, up from 4.45% in 2016.

Other News

The bank received regulatory approval to open its fourth branch banking office at 4500 Daly Drive, Suite 240, Chantilly, Virginia 20151. The branch is expected to increase the bank’s core deposit growth and is planned to open in the fourth quarter of 2017.

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

[tables deleted]

http://www.businesswire.com/news/home/20170720006349/en/Freedom-Bank-Earns-Record-Net-Income-Quarter

[Enterprising Investor]

Freedom Bank’s Assets Exceed $500 Million with Record Net Income in First Quarter (4/20/17)

Bank Continues Strong Growth of Assets and Net Income


FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX: FDVA) finished the first quarter of 2017 with assets of $502.9 million, an increase of 18.3% over the $425.1 million in assets one year earlier. Net Income of $648,624 was up 61.2% over the $402,450 earned through March 31, 2016. Once again the bank was able to earn a higher net income after taxes in the current year than its net income before income tax provision the prior year.

CEO Craig Underhill said, “Management and the board are pleased to reach the $500 million milestone less than four years after reaching the $250 million mark. While we continue the strong asset growth we have achieved over the past several years, the bank’s focus is on improving our net income, earnings per share and return on assets. The bank is pleased it significantly increased net income for the past two years utilizing operating leverage generated by the lending function assembled through 2014.”

Improving profitability starts with revenue growth. Total Interest Income of $5,502,358 was up 19.5% from the prior year total of $4,615,755. Increased loans made most of the contribution. Interest expense rose $191,038 (22.5%) to $1,039,322. Deposit yields were little changed but there were more interest bearing deposits to fund loan growth. The loan loss provision was lower than previous years at $30,000 for the first quarter of 2017 versus $143,000 a year earlier. The bank realized a recovery of approximately $100,000 in the first quarter of 2017, which decreased the need for a larger provision for the first quarter.

Non-interest income, mainly the gain on the sale of mortgages, increased to $820,336 at March 31, 2017 from $804,772 at March 31, 2016. Non-interest expense also increased to $4,270,648, up 11.8% from the $3,818,993 the prior year. Growth in salary and benefits slowed from prior years, increasing 11.9% to $2,746,061. This is due to fewer hires as the bank is able to achieve growth with the present staff. Professional fees increased by $127,936 due to fees paid to consultants to comply with the increased regulatory burden banks are facing. These consulting expenses should not be necessary in future quarters in 2017. Earnings per share were $0.10 for the quarter, up from $0.07 the prior year.

Asset growth was strong throughout 2016 and year over year growth remained strong at March 31, 2017, though the bank’s focus shifted to growing assets at a pace matching the bank’s ability to grow core deposits. To increase core deposits faster, the bank implemented two campaigns. The first was forming a government contract banking team led by Vishal Gandhi. Government contractors presently provide almost half of the bank’s non-interest bearing transaction accounts, so this is a key area of focus. Our second initiative is attracting municipals' deposits where we had considerable success in the first quarter of 2017. We were able to replace overnight FHLB Atlanta Borrowings with two year certificates of deposit from local governments, locking in intermediate funding for the bank’s commercial real estate portfolio prior to the Federal Reserve raising overnight borrowing rates. Part of the bank’s decision to purchase muni bonds was to provide high yielding collateral for these deposits.

Asset growth was strong across most categories. The bank continues maintaining sufficient liquidity to meet its operating requirements. Cash and Fed Funds combined were $39,600,997 at March 31, 2017, up from $17,941,812 the previous year. The bank purchased muni bonds with a plan to use them as collateral on municipal deposits, that were classified as held to maturity in 2016. Investment securities available for sale were $38,854,373, down from $60,724,772. The reduction was a combination of reclassification of municipal bonds and the bank electing to hold more cash due to uncertainty over interest rates and its affect on the bond market. Loans held for investment, the highest yielding asset, grew to $396,659,450 or 18.5% from the $334,793,831 balance at March 31, 2016. Loans held for sale consisted of mortgage loans originated for sale into the secondary market. At March 31, 2017 the bank had $6,596,765 in loans held for sale, up from $5,712,411 at March 31, 2016.

Freedom Bank focused on improving its core funding in the first quarter of 2017. Non-interest checking balances were $69,528,572 at March 31, 2017 up $13,376,741 or 23.8% from $56,151,831 the prior year. Interest checking deposits were $125,509,387 up $24,277,389 or 24.0% from $101,231,999 at March 31, 2016. Savings deposit were $3,027,474, up from $1,977,218 in the first quarter of 2016. Certificates of deposits balances were $239,663,544 at March 31, 2017 compared to $205,891,287 the prior year. Of this 2017 total, $29,046,496 was public funds from local governments in Freedom Bank’s geographic market. FHLB borrowings were $10,571,429 at March 31, 2017, slightly higher than the $9,057,143 borrowed the year before. In 2017 all borrowing had maturities exceeding three years or greater to help fund longer term rates on commercial real estate loans.

Capital totaled $52,673,825 at March 31, 2017. This was up from $49,428,607 the prior year. All capital ratios are well in excess of those necessary to be considered well capitalized under regulatory guidance.

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

[tables deleted]

http://www.businesswire.com/news/home/20170420006536/en/Freedom-Bank%E2%80%99s-Assets-Exceed-500-Million-Record

[Enterprising Investor]

FDVA hits new 52-week high (2/21/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 13.2500[+]
Volume 3,306
Net Change -0.2500
Net Change % -1.85%
52 Week High 13.9900 on 02/21/2017
52 Week Low 7.8000 on 04/04/2016
Day High 13.9900
Day Low 13.0500

[Enterprising Investor]

FDVA hits new 52-week high (2/08/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 13.6000 [-]
Volume 2,998
Net Change 1.4500
Net Change % 11.93%
52 Week High 13.9500 on 02/08/2017
52 Week Low 7.8000 on 04/04/2016
Day High 13.9500
Day Low 12.3600

[Enterprising Investor]

FDVA hits new 52-week high (2/07/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 12.1500 [-]
Volume 1,200
Net Change 0.0900
Net Change % 0.00%
52 Week High 12.3600 on 02/07/2017
52 Week Low 7.8000 on 04/04/2016
Day High 12.3600
Day Low 12.1500

[Enterprising Investor]

FDVA hits new 52-week high (2/06/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 12.1500[+]
Volume 1,684
Net Change 0.2900
Net Change % 2.45%
52 Week High 12.1500 on 02/06/2017
52 Week Low 7.8000 on 04/04/2016
Day High 12.1500
Day Low 11.9000

[Enterprising Investor]

FDVA hits new 52-week high (2/03/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 11.8600[+]
Volume 1,040
Net Change 0.3000
Net Change % 2.6%
52 Week High 11.8600 on 02/03/2017
52 Week Low 7.8000 on 04/04/2016
Day High 11.8600
Day Low 11.4500

[Enterprising Investor]

FDVA hits new 52-week high (2/02/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 11.5600[+]
Volume 300
Net Change 0.5100
Net Change % 4.62%
52 Week High 11.5600 on 02/02/2017
52 Week Low 7.8000 on 04/04/2016
Day High 11.5600
Day Low 11.0600

[Enterprising Investor]

Freedom Bank’s Net Income Increases to a Record $2.7 Million in 2016 (1/26/17)

Total Assets Grow $96 Million to $496 Million

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX: FDVA) earned net income of $2,741,784 for the year ended December 31, 2016, a $1,023,214 or 59.5% increase over the $1,718,570 earned for 2015. Total assets increased $96,064,060 or 24.0% to $496,501,584, up from $400,437,524 the prior year. For the quarter ending December 31, 2016, net income was $956,704, up 62.7% from $588,197 earned in the fourth quarter of 2015.

CEO Craig S. Underhill indicated, “The bank continues to benefit from the operating leverage of lending teams built in prior years. For the second consecutive year net income after taxes exceeded the net income before taxes of the prior year. Superior profit growth has resulted from strong asset growth over the same period, all while maintaining asset quality superior to national peers.”

Operations for 2016

Increasing net income results from larger top line revenue. Large increases in loans and investments increased total interest income to $20,417,311 in 2016, up 21.1% from $16,901,078 in 2015. Total other income was $5,270,609, up 86.6% from $2,825,229 the prior year. Combined interest income and other income for 2016 was $25,741,920 up $6,015,614 or 30.5% over the combined $19,726,306 for 2015. Interest paid on deposits and borrowings increased $695,038 or 23.1% to $3,701,337 at December 31, 2016.

The provision for possible loan losses increased in 2016 to $1,090,500, up from $672,500 the prior year. The increase was due to record loan growth for the year, not deteriorating asset quality. Operating expenses increased to $16,795,899 in 2016 from $13,443,938 in 2015. Record non-interest income from the mortgage division required additional compensation expense for mortgage originations and bank paid closing costs related to these mortgages that were covered by fees from the sale of the mortgages. There was also a rise in occupancy expense from additional space to support revenue growth.

Earnings per share increased to $0.44 at December 31, 2016, up from $0.40 at December 31, 2015. The increase occurred despite having 1,843,047 more average shares outstanding at December 31, 2016 than the prior year due to a successful capital raise.

Operations for the Quarter Ending December 31, 2016

Large increases in loans and investments increased total interest income to $5,570,585 for the quarter ended December 31, 2016, up 22.2% from $4,560,317 in the same quarter one year earlier. Total other income was $1,244,529, up 39.7% from $890,569 the same period the prior year. Combined interest income and other income for the fourth quarter was $6,815,114, compared to $5,450,885 for the same quarter in 2015. Interest paid on deposits and borrowings for the fourth quarter increased $174,915 or 21.3% to $995,608. The provision for possible loan losses increased in 2016 to $165,000, up from $63,500 in the fourth quarter of 2015. Again the increase was due to strong loan growth in the quarter, not deteriorating asset quality. Operating expenses increased to $4,204,801 in the fourth quarter, up from $3,675,996 the fourth quarter 2015. The main increases were the same as the year-end. Increased compensation to mortgage originators and bank paid closing costs covered by the fees from the sale of mortgages. There was also additional occupancy expense to support asset growth. Net income for the quarter of $956,704 exceeded the pre-tax income of the same quarter of 2015, maintaining the trend extending over several quarters.

Financial Condition at December 31, 2016

Total assets were $496,501,584 at December 31, 2016, up 24.0% from $400,437,524 the prior year. Loans had the highest yield and increased $88,022,349 (27.6%) to $407,091,960 at December 31, 2016. With the large increase in loans held for investment, the bank increased the percentage of the allowance for possible loan losses from 0.98% at December 31, 2015 to 1.02% at December 31, 2016. Securities held for sale, held to meet liquidity needs, decreased $17,241,542 to $29,074,040 compared to the prior year. The bank invested $15,035,844 in muni bonds in 2016 classified as held to maturity. Together with cash and cash due from banks of $4,577,019, interest bearing deposits of $1,032,416, and $24,108,000 in Fed Funds total liquid assets were $ 73,827,318 at December 31, 2016.

Asset quality remains a primary strength of the bank. Non performing assets as a percentage of loans were 0.19% at December 31, 2016 compared to 0.06% at December 31, 2015. Loans past due for regularly scheduled payments were 0.28% of loans at December 31, 2015 and declined to 0.01% at December 31, 2016. Both compared favorably with peer banks.

Asset growth was funded by large increases in core deposits. Non interest bearing deposits increased 21.4% to $62,941,221, up from $51,849,383 the prior year. Interest checking deposits rose 29.9% to $114,549,659 at December 31, 2016, up from $88,182,669 at December 31, 2015. Certificates of deposit were $218,980,247 at December 31, 2017, up only $12,020,596 or 5.81% from the prior year as the bank focused on growing core transaction accounts.

The bank had $43,714,286 in borrowings from the Federal Home Loan Bank of Atlanta at December 31, 2016, up from $6,200,000 December 31, 2015.

Capital increased to $51,656,613 at December 31, 2016. This was up 21.3% from $42,580,924 at December 31, 2015. This was due to the bank’s successful capital raising efforts as well as retained earnings for the year. Book value per share increased to $8.36 per share at December 31, 2016, up from $7.80 at December 31, 2015.

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

[tables deleted]

http://www.businesswire.com/news/home/20170126006294/en/Freedom-Bank%E2%80%99s-Net-Income-Increases-Record-2.7

[Enterprising Investor]

FDVA hits new 52-week high (1/05/17)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 11.4400[+]
Volume 554
Net Change 0.4400
Net Change % 4.0%
52 Week High 11.4400 on 01/05/2017
52 Week Low 7.7500 on 01/22/2016
Day High 11.4400
Day Low 11.4300

[Enterprising Investor]

FDVA hits new 52-week high (12/06/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 11.2500[+]
Volume 627
Net Change 0.2500
Net Change % 2.27%
52 Week High 11.2500 on 12/06/2016
52 Week Low 7.7500 on 01/22/2016
Day High 11.2500
Day Low 11.2500

[Enterprising Investor]

FDVA hits new 52-week high (11/29/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 10.8500 [-]
Volume 1,215
Net Change -0.0100
Net Change % -0.09%
52 Week High 11.2100 on 11/29/2016
52 Week Low 7.7500 on 01/22/2016
Day High 11.2100
Day Low 10.8500

[Enterprising Investor]

FDVA hits new 52-week high (11/25/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 10.8600[+]
Volume 800
Net Change 0.7100
Net Change % 7.0%
52 Week High 10.8600 on 11/25/2016
52 Week Low 7.7500 on 01/22/2016
Day High 10.8600
Day Low 10.5000

[Enterprising Investor]

FDVA hits new 52-week high (11/23/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 10.1500[+]
Volume 2,535
Net Change 0.1500
Net Change % 1.5%
52 Week High 10.1500 on 11/23/2016
52 Week Low 7.7500 on 01/22/2016
Day High 10.1500
Day Low 9.5700

[Enterprising Investor]

FDVA hits new 52-week high (11/15/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 10.0000[+]
Volume 2,343
Net Change 0.1100
Net Change % 1.11%
52 Week High 10.0000 on 11/15/2016
52 Week Low 7.7500 on 01/22/2016
Day High 10.0000
Day Low 9.7000

[Enterprising Investor]

FDVA hits new 52-week high (11/14/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.8900[+]
Volume 700
Net Change 0.1400
Net Change % 1.44%
52 Week High 9.8900 on 11/14/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.8900
Day Low 9.8500

[Enterprising Investor]

FDVA hits new 52-week high (11/10/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.7500[+]
Volume 2,207
Net Change 0.5000
Net Change % 5.41% %
52 Week High 9.7500 on 11/10/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.7500
Day Low 9.4900

[Enterprising Investor]

Freedom Bank Reports Record Net Income for Third Quarter and First Nine Months (10/21/16)

Total Assets Grow $104 Million from the Prior Year’s Third Quarter

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX:FDVA) earned a record net income of $719,205 for the third quarter ending September 30, 2016. This was up $186,213 (34.9%) from $532,992 earned for the same period one year earlier. Increased profitability resulted from continued improvement in interest income from loans and investments which increased $1,048,969 (24.0%). Non interest income, primarily generated through the gain on sale of mortgages, increased $756,702 (121%) from the prior year. While maintaining asset quality, increased loan volume required a loan loss provision of $515,500, up from $139,000 the prior year. Earnings per share were $0.12 for the quarter, unchanged from the prior year due to the higher share count from the bank’s successful stock offering in December 2015.

For the nine months ending September 30, 2016, net income was $1,785,080. This was up $654,707 (57.9%) from the prior year. Net income in the first nine months of 2016 already exceeds total net income for all of 2015. Banking and mortgage banking operations produced the strong results. Interest income from loans and investments increased $2,559,965 (20.7%) and additional non interest income from the gain on sale of mortgages was up $1,653,053 (101.6%) from the prior year. Strong loan growth in 2016 necessitated a larger provision for loan losses in 2016 to $925,500, up from $609,000 the prior year. Earnings per share through the third quarter of 2016 were $0.29 per share, up from $0.26 per share in 2015.

CEO Craig Underhill stated, “Positive operating leverage is fueling earnings growth. The upward trend in earnings per share continues even with the higher share count from our successful stock offering at the end of 2015. We have the capital to grow the bank and we are executing our plan to achieve scale for earning per share growth to enhance shareholder value.”

Total assets increased $103,934,364 (26.6%) to $494,027,493 at September 30, 2016 compared to September 30, 2015. The highest yielding asset of Loans Receivable grew $76,097,431 organically (23.7%) to $396,819,026 at September 30, 2016. Loans held for sale were $13,825,894, up from $6,141,110 the prior year. Investment Securities held for sale were $46,196,986, up 31.4% from $35,149,994 a year earlier.

Asset quality remains strong with non-performing assets comprising 0.22% of total assets at September 30, 2016. They were 0.09% of total assets at September 30, 2015. Past due loan balances still accruing interest were $0 at September 30, 2016 compared to $122,797.96 or 0.04% of total loans the prior year. Both of these metrics are far superior to national peers.

Large asset growth was funded by deposit growth, Federal Home Loan Bank advances and additional equity compared with the prior year. Non interest checking balances were $66,056,888 at September 30, 2016, up 14.2% from $57,859,877 a year earlier. Interest bearing checking account balances were $105,056,440, a $16,842,806 (19.1%) increase from $88,213,624 the prior year. Certificates of deposits were $241,037,751, up 17.6% from $205,050,631 a year earlier. Total deposits were $414,299,769 at September 30, 2016, versus $354,008,080 a year earlier.

Capital increased to $51,158,971 at September 30, 2016, a 55.6% improvement over the $32,881,109 level at September 30, 2015. Book value per share was $8.30 at September 30, 2016 and $7.68 at September 30, 2015.

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

[tables deleted}

http://www.businesswire.com/news/home/20161021005526/en/Freedom-Bank-Reports-Record-Net-Income-Quarter

[Enterprising Investor]

FDVA hits new 52-week high (9/02/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.4500[+]
Volume 2,996
Net Change 0.3000
Net Change % 3.28%
52 Week High 9.4500 on 09/02/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.4500
Day Low 9.2000

[Enterprising Investor]

FDVA hits new 52-week high (8/31/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.4500[+]
Volume 2,996
Net Change 0.3000
Net Change % 3.28%
52 Week High 9.4500 on 09/02/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.4500
Day Low 9.2000

[Enterprising Investor]

FDVA hits new 52-week high (8/31/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.2100[+]
Volume 200
Net Change 0.2200
Net Change % 2.45%
52 Week High 9.2100 on 08/31/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.2100
Day Low 8.9900

[Enterprising Investor]

FDVA hits new 52-week high (8/23/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.1900[+]
Volume 200
Net Change 0.2500
Net Change % 2.8%
52 Week High 9.1900 on 08/23/2016
52 Week Low 7.7500 on 01/22/2016
Day High 9.1900
Day Low 9.0000

[Enterprising Investor]

Freedom Bank Posts Record Q2 and Midyear Net Income (7/20/16)

Strong Asset Growth Continues

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX:FDVA) had second quarter net income of $663,424, up 45.9% from $454,857 for the second quarter of 2015, and midyear net income of $1,065,875, up 78.4% from $597,381 earned through June 30, 2015.

CEO Craig Underhill indicated, “The Bank is leveraging its increased legal lending limit to grow its loan portfolio, while maintaining our stringent credit underwriting standards. We made $1 million in net income by midyear for the first time, and are increasing our return on equity for our shareholders in line with larger high performing peers.”

Revenue increases across all business lines contributed to the improved profitability.

• Investment income doubled to $0.62 million.

• Interest on loans increased $1.20 million (15%) to $8.86 million.

• Mortgage banking revenue increased $0.88 million (102.4%) to $1.74 million.

• Earnings per share for the quarter were $0.11 at June 30, 2016. This was unchanged from the second quarter of 2015 due to 1,887,119 additional shares outstanding at June 30, 2016 versus the prior year from a successful stock sale.

Asset growth accelerated in the second quarter of 2016, remaining far above the national average for the third consecutive year.

• Total assets increased 24.8% or $94.5 million to $475.8 million at June 30, 2016 from the prior year.

• Loans receivable, the Bank’s highest yielding asset, increased 19.8% from $306.1 million to $366.8 million.

• Loans held for sale from the mortgage division increased 74.9% from $10.3 million at June 30, 2015 to $17.9 million at June 30, 2016

• Marketable securities consisting of bonds increased to $55.9 million at June 30, 2016 up 72.0% from $32.5 million at June 30, 2015.

Asset growth was funded by increases in operating accounts and borrowings.

• Checking deposits rose $13.2 million (24.7%) over the prior year to $66.6 million.

• Interest checking balances increased $27.3 million to $103.3 million at June 30, 2016, up 36% from $76.0 million a year earlier.

• Certificates of deposit increased 3.3% from the prior year from $215.7 million to $222.8 million.

• The Bank began borrowing from FHLB Atlanta in 2016 both to hedge longer term loans as well as short term to fund the build up in loans held for sale. Borrowings were $24.1 million at June 30, 2016, up from $0 the prior year. It also borrowed $5 million on a Fed Funds facility at June 30, 2016.

• Equity increased to $50.4 million from $32.1 million the prior year due to retained earnings and a $16 million capital infusion. Book value per share was $8.17 at June 30, 2016, up from $7.52 at June 30, 2015.

Asset quality remains far superior to national averages. Loans past due more than thirty days were 0.18% of total loans for the quarter compared to 0.04% at June 30, 2015. Non performing assets were 0.20% of total assets at June 30, 2016 versus 0.17% the prior year.

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

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http://www.businesswire.com/news/home/20160720006495/en/Freedom-Bank-Posts-Record-Q2-Midyear-Net

[Enterprising Investor]

FDVA hits new 52-week high (6/21/16)

FREEDOM BANK OF VIRGINIA (FDVA)
Last Trade [tick] 9.0000 [-]
Volume 1,379
Net Change 0.5500
Net Change % 6.51%
52 Week High 9.1890 on 06/21/2016
52 Week Low 7.6800 on 06/26/2015
Day High 9.1890
Day Low 8.9400

[Enterprising Investor]

Freedom Bank More Than Doubles Net Income in First Quarter 2016 Over Prior Year (4/27/16)

Year Over Year Asset Growth Exceeds 20%

FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX: FDVA) earned net income of $402 thousand for the first quarter of 2016, which is more than double the $142 thousand earned the same period the prior year. Solid asset growth by the Bank and profitable mortgage banking activities produced the strong gain. Growth was not sacrificed to achieve increased profits as total assets grew over $71 million from the prior year to $425 million at March 31, 2016.

“Investments in prior years produced improving profitability in 2015 and the trend is accelerating in 2016,” said CEO Craig Underhill. “The Bank has sufficient staff to continue producing very good asset growth, particularly with the larger legal lending limit from our recent capital raise, without significant additions to staff. Asset quality remains well above our peer group as the Bank continues to grow loans to and to support our clients.”

Revenue increases across all business lines were responsible for the improved profitability.

• Investment income doubled to $284 thousand.

• Interest on loans increased $604 thousand to $4.32 million.

• Mortgage banking revenue increased $403 thousand to $570 thousand.

• Earnings per share increased to $0.07 at March 31, 2016 versus $0.03 for 2015 despite the additional shares from the recent capital raise.

Asset growth continued through the first quarter of 2016 much faster than the national average, for the third consecutive year.

• Total assets increased $71 million to $425 million.

• Loans increased 14% from $293 million to $335 million.

• Investment securities held more than doubled from $30 million to $61 million.

Asset growth was funded by very favorable increases in operating accounts and additional equity through the successful capital raise.

• Checking deposits were unchanged at $56 million.

• Interest checking balances increased to $101 million at March 31, 2016 from $74 million a year earlier.

• Equity increased to $49 million from $32 million the prior year due to retained earnings and a $16 million capital infusion. Book value per share was $8.02 at March 31, 2016, up from $7.47 at March 31, 2015.

Loans past due more than thirty days were 0.23% of total loans for the quarter. This was slightly down from 0.24% at March 31, 2015. Non performing assets were 0.23% of total assets compared to 0.13% at March 31, 2015. Both of these levels are lower than local peers.

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

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http://www.businesswire.com/news/home/20160427006684/en/Freedom-Bank-Doubles-Net-Income-Quarter-2016