Freedom Bank, Inc. in Belington, West Virginia (WV)
Overview, Financial Summary, Detailed Financial Reports, Branches

Freedom Bank, Inc. - Overview

  • General
  • FDIC 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
    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
  • Location
  • Address: 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 Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total 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
  • 53Total employees (full-time equivalent)
  • $163,326Total assets
  • $22,286Cash and due from depository institutions
  • $18,850Interest-bearing balances
  • $11,438Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $117,591Net loans & leases
  • $3,661Loan loss allowance
  • $0Trading account assets
  • $3,516Bank premises and fixed assets
  • $990Other real estate owned
  • $0Goodwill and other intangibles
  • $163,326Life insurance assets
  • $7,505All other assets
  • $152,332Total liabilities and capital
  • $145,554Total liabilities
  • $115,049Total deposits
  • $145,554Interest-bearing deposits
  • $95Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $5,000Trading liabilities
  • $0Other borrowed funds
  • $1,778Subordinated debt
  • $10,994All other liabilities
  • $10,994Total equity capital
  • $10,994Total bank equity capital
  • $0Perpetual preferred stock
  • $100Common stock
  • $3,767Surplus
  • $7,127Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $7,652Income earned, not collected on loans
  • $2,026Earning assets
  • $430Long-term assets (5+ years)
  • $147,879Average Assets, year-to-date
  • $75,221Average Assets, quarterly
  • $165,931Volatile liabilities
  • $165,340Insider loans
  • $115,756FHLB advances
  • $160,775Loans and leases held for sale
  • $2,909Unused loan commitments
  • $139Tier 1 (core) risk-based capital
  • $10,682Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $2,770Total unused commitments
  • $7,018Restructured Loans and leases
  • $4,544Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $7,665Total interest income
  • $1,503Total interest expense
  • $6,162Net interest income
  • $5,951Provision for loan and lease losses
  • $1,206Total noninterest income
  • $0Fiduciary activities
  • $486Service charges on deposit accounts
  • $0Trading account gains & fees
  • $720Additional noninterest income
  • $4,847Total noninterest expense
  • $2,137Salaries and employee benefits
  • $567Premises and equipment expense
  • $2,143Additional noninterest expense
  • -$3,430Pre-tax net operating income
  • $0Securities gains (losses)
  • -$1,340Applicable income taxes
  • -$2,090Income before extraordinary items
  • $0Extraordinary gains - net
  • -$2,090Net income attributable to bank
  • $0Net charge-offs
  • -$2,090Cash dividends
  • $5,448Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.08%Yield on earning assets
  • 1.00%Cost of funding earning assets
  • 4.08%Net interest margin
  • 0.80%Noninterest income to earning assets
  • 3.21%Noninterest expense to earning assets
  • -1.26%Net operating income to assets
  • -1.26%Return on assets (ROA)
  • -2.07%Pretax return on assets
  • -16.80%Return on equity (ROE)
  • -16.80%Retained earnings to average equity (YTD only)
  • 4.20%Net charge-offs to loans
  • 109.23%Credit loss provision to net charge-offs
  • 0.46%Efficiency ratio
  • 65,784Assets per employee
  • 3.08%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.02%Loss allowance to noncurrent loans
  • 47.84%Noncurrent assets plus other real estate owned to assets
  • 5.29%Noncurrent loans to loans
  • 6.31%Net loans and leases to deposits
  • 80.79%Net loans and leases to core deposits
  • 84.88%Equity capital to assets
  • 6.73%Core capital (leverage) ratio
  • 6.64%Tier 1 risk-based capital ratio
  • 9.23%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $165,931Average earning assets
  • $12,439Average equity
  • $150,851Average loans

List of branches

  • 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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