Joseph Thomas’ Post

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President and CEO at Freedom Bank

Freedom Bank of Virginia released our Q1 2024 earnings and hosted our Annual Shareholder Meeting yesterday. Our team’s efforts translated into an increase in pretax income of 28% compared to same period in 2023. Strong performance in our Mortgage Division drove an increase in non-interest Income of 24.70% and efforts to manage personnel and overhead expenses translated into a reduction in non-interest expense of 2.89% compared to the same period in 2023. Equally important are the favorable trends in credit quality with a reduction of classified assets and the completed Trustee sale of property of our one large non-performing loan at a price significantly above carrying value. In addition to improving asset quality, we were successful in remixing loans and deposits to protect the net interest margin and reduce operating expenses in an environment where rates are expected to stay higher for longer.

Freedom Financial Holdings Announces Earnings for First Quarter of 2024 and Reauthorization of Stock Buyback Program

Freedom Financial Holdings Announces Earnings for First Quarter of 2024 and Reauthorization of Stock Buyback Program

investors.freedom.bank

John Gillin Jr

Account Executive/ Account Manager at Relay Network

2mo

Congrats Joe!

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