Freedom Bank of Virginia (Bulletin Board:FDVA.OB):
In the first quarter of 2010, Freedom Bank posted Net Income of $362,252. The previous four quarters recorded Net Income of $104,523 (June 30, 2009), $238,306 (September 30, 2009), $531,371 (December 31, 2009), and $362,252 (March 31, 2010). The four quarter total is $1,236,452.
Interest Income totaled $2,166,453 for the first quarter 2010, compared to $1,821,553 in the first quarter, 2009. The improvement is due to the increased amount of loans outstanding. Interest Income for the previous four quarters totals $8,473,270 and has increased progressively with $1,993,189 (June 30, 2009), $2,140,410 (September 30, 2009), $2,173,218 (December 31, 2009), and $2,166,483 (March 31, 2010).
Interest Expense, which is substantially all interest on deposits, has steadily decreased. Interest Expense as of March, 2010 was $506,016, compared to $866,316 in March, 2009. Interest Expense for the previous four quarters totals $2,518,860 and has decreased progressively with $794,770 (June 30, 2009), $701,295 (September 30, 2009), $516,779 (December 31, 2009), and $506,016 (March 31, 2010). This seems remarkable as Total Deposits have increased to $143,738,421 in March, 2010, up from $127,438,848 at March 31, 2009.
Operating Expenses decreased $491,317 or 26.6% from the March, 2009 quarter to the March, 2010 quarter. Substantially all of this improvement occurred in the category of Professional Fees due to the decrease in projected legal, collection, and consultant expenses.
The Balance Sheet shows continued growth. Loans Receivable increased $16,258,646 or 13.4%, up from $121,306,567 as of March 31, 2009, to $137,565,213 as of March 31, 2010. This growth was achieved in a very difficult economic environment.
Investment securities decreased $3,496,987, from March 31, 2009 to March 31, 2010, with funds from investments flowing into loans outstanding. The interest income from the investment portfolio yielded 4.42% as of March 31, 2010. There are no impaired securities in the portfolio and the market value of the portfolio exceeds the book value by $191,488.
Total Deposits increased to $143,001,694, up from $128,486,472, an increase of 12.36%. The Bank is benefiting from movement of funds from the Wall Street, mega banks and from the Bank's increased advertising campaign for new local customers.
Our team of experienced bankers now has assets under management totaling $163,182,284. Total Assets increased 11.3% during the last year.
Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Bank deposit and loans services, visit their website at www.freedombankva.com.
Contacts:
Freedom Bank of Virginia
John T. Rohrback, President & CEO
703-242-5300