Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Wednesday, April 27, 2016 6:52:00 PM
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.
[tables deleted]
http://www.businesswire.com/news/home/20160427006684/en/Freedom-Bank-Doubles-Net-Income-Quarter-2016
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM