Freedom Financial Holdings Announces Earnings for Fourth Quarter and Full Year 2023
FAIRFAX, Va., Jan. 26, 2024 /PRNewswire/ — Freedom Financial Holdings (OTCQX: FDVA), (the “Company” or “Freedom”), the holding company for The Freedom Bank of Virginia (the “Bank”) today announced a net loss of $2,006,393, or –$0.27 per diluted share for the three months ended December 31, 2023. Pre-provision pretax income1 for the fourth quarter was $2,031,758 compared to pre-provision, pretax income of $1,730,376 in the prior quarter. The Company recognized a provision for loan losses of $4,751,441 in the fourth quarter, largely related to a single relationship. This resulted in a net loss of $2,006,393, or –$0.27 per diluted share, for the three months ended December 31, 2023. This compares to net income of $1,318,378 or $0.18 per diluted share, for the linked quarter and net income of $2,861,939 or $0.39 per diluted share for the three months ended December 31, 2022. Net income for the full year 2023, was $2,318,695 or $0.32 per diluted share, compared to $10,563,572 or $1.45 per diluted share for the full year 2022. Pre-provision, pretax income for the full year 2023 was $7,909,843 compared to pre-provision, pretax income of $14,501,159 for the full year 2022. Despite the loss in the fourth quarter, tangible book value per share2 increased by 2.70% during the quarter and by 2.01% in 2023.