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Wednesday, January 21, 2015 5:10:48 PM
FAIRFAX, Va.--(BUSINESS WIRE)--The Freedom Bank of Virginia (OTCQX: FDVA) earned net income of $1,600,397 for the year ending December 31, 2014, a 16.7% increase over the $1,371,772 net profit at December 31, 2013. Total assets were $342,611,644 at December 31, 2014, up 24.9% from $274,202,059 the prior year. CEO Underhill indicated, “Profitability is increasing based on strong loan growth. Our investment in lenders the past two years is showing results. Our Chief Lending Officer Kevin Curtis and his team had a strong 2013 and surpassed those impressive results in 2014.” Chairman Litman noted, “The board is very pleased with the increasing commercial loan volume of the bank. In December 2014 the bank hired Richard Hutchison, who ran Virginia Heritage Mortgage prior to its sale, to try to generate a similar increase in mortgage lending in 2015. Kevin and Richard have known each other for many years and we believe they will work well together providing Freedom Bank with exceptionally strong lending leadership.”
Asset growth was funded by large increases in deposits. Non interest bearing accounts increased 31.6% from $39,085,418 to $51,431,344 at December 31, 2014. Interest checking deposits rose 39.2% from $47,370,151 to $65,959,271 at December 31, 2014. Certificates of deposit funded the balance rising by $34,666,451 or 22.1% to $191,660,139 at year end.
Capital was $29,769,220 at December 31, 2014, up from $26,118,725 at December 31, 2013. Primary contributors were net profit of $1,600,397 and a public stock sale generating net proceeds of approximately $1,600,000 after expenses. Book value per share increased from $6.85 at December 31, 2013 to $7.40 at December 31, 2014. The bank is presently raising additional capital through a rights offering to its current shareholders. All members of the Board of Directors have participated in the offering which ends January 31, 2015 unless extended by the bank.
Large increases in loans and investments increased total interest income to $13,656,944 in 2014, up 21.3% from $11,259,048 the prior year. Interest paid on deposits increased $283,005 or 14.3% to $2,267,925. The provision for loan losses increased $188,500 to $486,000 leaving net interest income after provision at $10,903,019, at December 31, 2014, up $1,926,391 (21.5%) from $8,976,628 the prior year. Operating expenses increased from $8,484,498 in 2013 to $9,863,144 in 2014. This was a 16.3% increase, but it included a third branch operating for half the year in 2014. The result was 2014 net income increased 16.7% to $1,600,397 from $1,371,772 the prior year. Earnings per share were $0.40 for 2014 versus $0.36 for 2013 despite an increase in shares outstanding from the capital campaign.
Freedom Bank continued improving asset quality. Non performing assets as a percentage of loans decreased from 0.54% at December 31, 2013 to 0.11% at December 31, 2014. Loans past due for regularly scheduled payments were 0.01% of loans at December 31, 2013 versus 0.02% of loan at December 31, 2014. Both compared very favorable with peer banks.
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.
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http://www.businesswire.com/news/home/20150121006471/en/Freedom-Bank%E2%80%99s-Net-Income-Increases-16.7-Record#.VMAjkoktGUk
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