Freedom Bank, Inc. in Belington, West Virginia (WV)



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Freedom Bank, Inc. routing number info

Table of contents:
Freedom Bank, Inc.
GeneralFDIC Certificate #: 15664
Status: Active
Federal Reserve ID: 629522
Bank Holding Company (Regulatory Top Holder): Freedom Bancshares, Inc. (RSSDID: 1250053, Location: Belington, WV)
Date Established: May 10, 1939
WWW: http://www.freedombankwv.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Domestic: 5, Interstate: No)
FDIC's unique #: 9940
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: May 10, 1939
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 315 Crim Avenue, Belington, WV 26250
County: Barbour
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Scott Depot
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $163.3 mil
Equity capital: $11.0 mil
Deposits held in domestic offices: $145.6 mil
Return on assets (ROA): -1.26% (-$2.1 mil)
Quarterly return on assets: -0.84% (-$1.4 mil)
Return on Equity (ROE): -16.80% (-$1.8 mil)
Quarterly return on equity: -12.44% (-$1.4 mil)
Net income: -$2.1 mil
Quarterly Net income: -$0.3 mil
Pretax return on assets: -2.07% (-$3,380.8 mil)
Quarterly Pretax return on assets: -1.07% (-$1,747.6 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)53
Total assets$163,326
Cash and due from depository institutions$22,286
Interest-bearing balances$18,850
Securities$11,438
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$117,591
Loan loss allowance $3,661
Trading account assets$0
Bank premises and fixed assets$3,516
Other real estate owned$990
Goodwill and other intangibles$0
All other assets$7,505
Life insurance assets$163,326
Total liabilities and capital$152,332
Total liabilities$145,554
Total deposits$115,049
Interest-bearing deposits$145,554
Deposits held in domestic offices$95
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$5,000
Other borrowed funds $0
Subordinated debt $1,778
All other liabilities $10,994
Total equity capital$10,994
Total bank equity capital$10,994
Perpetual preferred stock$0
Common stock$100
Surplus$3,767
Undivided profits $7,127
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $7,652
Earning assets $2,026
Long-term assets (5+ years) $430
Average Assets, year-to-date $147,879
Average Assets, quarterly $75,221
Volatile liabilities $165,931
Insider loans $165,340
FHLB advances $115,756
Loans and leases held for sale $160,775
Unused loan commitments $2,909
Tier 1 (core) risk-based capital $139
Tier 2 risk-based capital $10,682
Total risk weighted assets $0
Total unused commitments $2,770
Restructured Loans and leases $7,018
Derivatives$4,544
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $7,665
Total interest expense $1,503
Net interest income $6,162
Provision for loan and lease losses $5,951
Total noninterest income $1,206
Fiduciary activities $0
Service charges on deposit accounts $486
Trading account gains & fees $0
Additional noninterest income $720
Total noninterest expense $4,847
Salaries and employee benefits $2,137
Premises and equipment expense $567
Additional noninterest expense $2,143
Pre-tax net operating income -$3,430
Securities gains (losses) $0
Applicable income taxes -$1,340
Income before extraordinary items -$2,090
Extraordinary gains - net $0
Net income attributable to bank -$2,090
Net charge-offs $0
Cash dividends -$2,090
Sale, conversion, retirement of capital stock, net $5,448
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.08%
Cost of funding earning assets 1.00%
Net interest margin 4.08%
Noninterest income to earning assets 0.80%
Noninterest expense to earning assets 3.21%
Net operating income to assets -1.26%
Return on assets (ROA) -1.26%
Pretax return on assets -2.07%
Return on equity (ROE) -16.80%
Retained earnings to average equity (YTD only) -16.80%
Net charge-offs to loans 4.20%
Credit loss provision to net charge-offs 109.23%
Efficiency ratio0.46%
Assets per employee$65,784
Cash dividends to net income (YTD only)3.08%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 3.02%
Noncurrent assets plus other real estate owned to assets 47.84%
Noncurrent loans to loans 5.29%
Net loans and leases to deposits6.31%
Net loans and leases to core deposits 80.79%
Equity capital to assets 84.88%
Core capital (leverage) ratio 6.73%
Tier 1 risk-based capital ratio 6.64%
Total risk-based capital ratio 9.23%
Memoranda
Average assets$11
Average earning assets$165,931
Average equity $12,439
Average loans $150,851
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5 West Virginia Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
09940Freedom Bank, Inc.315 Crim Avenue, Belington, WV 26250May 10, 1939Full Service Brick and Mortar
1234919Elkins BranchEast U.S. Routes 219 And 250, Elkins, WV 26241January 28, 1991Full Service Brick and Mortar
2241513Phillipi Branch124 South Main Street, Philippi, WV 26416December 10, 1988Full Service Brick and Mortar
3234920Bridgeport Branch625 West Main Street, Bridgeport, WV 26330June 12, 1995Full Service Brick and Mortar
4234921Buckhannon BranchRoute 20 South, Buckhannon, WV 26201June 26, 1996Full Service Brick and Mortar
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