FAIRFAX, Va.--(BUSINESS WIRE)-- <\/p>\n
The Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) earned a Net Profit Before Taxes of $252,083 for the quarter ending June 30, 2012, its thirteenth consecutive quarterly profit. Net Profit for the quarter ending June 30, 2011 was $386,395. Net Profit Before Taxes was $560,855 for the first half of 2012 compared to a Net Profit for the first half of 2011 of $802,037. The reduction in profit was principally due to an increase in the provision for loan losses. According to CEO Craig S. Underhill, The Bank continues to be profitable and is growing during a challenging economy. <\/p>\n
Total Assets increased 18% to $206,560,467, up from $174,913,192 at June 30, 2011. Loans Receivable increased $17,447,975 (12.5%) to $157,026,486 and Investment Securities increased $20,099,420 (175%) to $31,584,026 during the same period. The growth in assets was funded by $29,666,827 growth in deposits (19.5%). Non Interest Checking increased $4,508,951 (14.8%) to $34,889,239. Certificates of Deposit growth was $24,608,276 (26.1%). <\/p>\n
Capital continues to be strong, growing $1,896,511 (8.4%) over the same period in the prior year to $24,409,278. Regulatory Capital minimums for Tier 1 Leverage Ratio, Risk Based Capital Tier 1, and Risk Based Capital Tier 2 were 5.0%, 6.0% and 10.0% respectively to be considered well capitalized. At June 30, 2012, the ratios for the Bank were 11.29%, 14.54% and 15.80% respectively, all in the well capitalized category. The Bank continues its tradition of maintaining a strong capital base to serve the needs of its customers and stockholders. <\/p>\n
Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Banks deposit and loan services, visit the Banks website at http:\/\/www.freedombankva.com<\/a>. <\/p>\n 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, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we 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. <\/p>\n Common stock, $4.17 par value. (5,000,000 shares authorized: issued and outstanding 2,846,117 shares for June 30, 2012 and 2,842,398 shares for June 30, 2011) <\/p>\n<\/p>\n More: <\/p>\n Freedom Bank Celebrates 13th Consecutive Quarterly Profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" FAIRFAX, Va.--(BUSINESS WIRE)-- The Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) earned a Net Profit Before Taxes of $252,083 for the quarter ending June 30, 2012, its thirteenth consecutive quarterly profit. Net Profit for the quarter ending June 30, 2011 was $386,395. Net Profit Before Taxes was $560,855 for the first half of 2012 compared to a Net Profit for the first half of 2011 of $802,037. Continue reading