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Freedom Bank Reports Third Consecutive Year Of Profitability In 2012

Stockholder’s Equity exceeded $25,000,000 for the first time for the year ending December 31, 2012. Stockholders Equity was $25,264,084 up 6.61% from $23,697,402 at 12/31/2011. Year end book value per share was $8.81, up from $8.07 the prior year.

Capital continues to be a strength of the Bank. Regulatory capital minimums to be considered well capitalized for Tier 1 Leverage Ratio, Risk Based Capital Tier 1, and Risk Based Capital Tier 2 are 5.0%, 6.0% and 10.0% respectively. At 12/31/2012 the ratios for the Bank were 11.06%, 13.80% and 15.03% 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.

Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at

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.
The Freedom Bank of Virginia
Statements of Financial Condition


December 31, 2012
December 31, 2011

Cash and due from banks $ 10,884,094 $ 16,128,032
Federal funds sold 18,788,000 15,753,000
Interest Bearing Balances with Banks 1,016,006 1,007,339
Investment securities available for sale, at fair value 28,717,795 15,183,798
Investment securities held to maturity 348,616 666,152
Federal Reserve Bank stock 746,650 689,350
Loans held for sale 3,656,829 3,007,500
Loans receivable 171,901,847 154,407,193
Allowance for possible loan losses   (2,236,822 )   (2,037,164 )

Net Loans
169,665,025 152,370,029
Bank Premises and equipment, net 199,500 213,857
Accrued interest and other receivables 607,276 519,450
Other assets 3,400,353 1,406,757
Deferred Tax Asset   612,000     612,000  
Total Assets $ 238,642,144   $ 207,557,264  
Demand deposits:

Non-interest bearing deposits
$ 34,951,109 $ 25,392,303

Interest Checking
36,601,864 41,673,770
Savings deposits 1,467,280 1,269,065
Time deposits   139,555,489     114,811,184  

Total Deposits
212,575,742 183,146,322
Other accrued expenses 732,466 654,898
Accrued interest payable   69,852     58,642  

Total Liabilities
  213,378,060     183,859,862  
Stockholders' Equity

Common stock, $5 par value. (5,000,000 shares authorized:

2,866,117 shares issued and outstanding, December 31, 2012

2,836,404 shares issued and outstanding, December 31, 2011)
11,942,228 11,818,325
Additional paid-in capital 16,284,303 16,184,810
Accumulated other comprehensive income 285,809 134,776
Retained earnings (deficit)   (3,248,256 )   (4,440,509 )

Total Stockholders' Equity
  25,264,084     23,697,402  
Total Liabilities and Stockholders' Equity $ 238,642,144   $ 207,557,264  
The Freedom Bank of Virginia
Statements of Operations
For the year ended
December 31,
2012   2011
Interest Income
Interest and fees on loans $ 9,305,595 $ 9,110,312
Interest on investment securities 574,361 399,427
Interest on Federal funds sold   40,993   38,662
Total Interest Income 9,920,949 9,548,401
Interest Expense
Interest on deposits   2,008,653   1,861,828
Net Interest Income 7,912,296 7,686,573
Provision for Possible Loan Losses   688,200   348,000

Net Interest Income after Provision for Possible Loan Losses
7,224,096 7,338,573
Other Income
Service charges and other income 875,816 568,028
Operating Expenses
Officers and employee compensation and benefits 4,094,031 3,406,089
Occupancy expense 510,776 530,328
Equipment and depreciation expense 188,442 218,752
Insurance expense 179,105 241,878
Professional fees 548,748 398,568
Data and item processing 607,388 534,008
Business development 123,455 124,851
Franchise tax 226,110 202,955
Other operating expenses   429,602   348,872
Total Operating Expenses   6,907,657   6,006,301
Income before Income Taxes 1,192,255 1,900,300
Income Tax (Benefit) Expense   -   -
Net Income $ 1,192,255 $ 1,900,300
Net Income Per Common Share $ 0.42 $ 0.67
Net Income Per Diluted Share $ 0.42 $ 0.67

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