FreedomBank Reports – 652043

FreedomBank Financial Reports

Quater Ended: 2024-06-30

FreedomBank is a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC) located in Elkader, IA. Established on 01/01/1903, the bank is regulated by the FDIC and has 4 domestic offices. It operates in the N/A.

The bank has 58 employees and holds $429,249k in total assets. With a focus on community banking, the bank has been serving its customers since 01/01/1903.

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FreedomBank Institution Profile

Established Date 01/01/1903 Institution Class Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC)
Primary Regulator FDIC Number of Domestic Offices 4
Number of Foreign Offices 0 Number of US Offices 0
Number of Employees 58 Directly owned by another bank (CERT) No
Community Bank Yes ZIP 52043
Ownership Type Not Mutual City Elkader
State Alpha code IA State and County Number 19043
Subchapter S Corporations Yes Trust Powers N/A
Federal Reserve ID Number 7 Federal Reserve ID Number Description CHICAGO
Office of The Comptroller District: WESTERN DISTRICT Office of Thrift Supervision Region Western
Last Structure Change Effective Date 06/30/2024 Date of Deposit Insurance 01/01/1934
Primary Insurance Agency DIF

Institution Profile Overview

Delve into the foundational details of FreedomBank with our “Institution Profile” table. The 01/01/1903 marks the bank’s inception, providing historical context. Categorized as a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC), the bank operates under the oversight of FDIC, ensuring compliance and regulatory adherence.

4 domestic offices reflect the bank’s physical footprint, while insights into ownership type, trust powers, and regulatory affiliations contribute to understanding its operational structure. Details such as Elkader, IA, and 52043 provide geographic context. Explore these attributes to gain a holistic view of FreedomBank in the financial landscape.

FreedomBank Financials

(USD, in thousands)

Total Assets $429,249 Total Liabilities $388,747
Total Equity Capital $40,502 Total Deposits $365,402
Net Loans and Leases $304,916 Total Interest Income $5,161
Total Noninterest Income $334 Total Interest Expense $2,151
Total Noninterest Expense $2,230 Tier 1 Risk-Based Capital Ratio 13.89%
Net Loans and Leases to Core Deposits 87.77% Return on Assets 0.93%
Return on Equity 10.25% Efficiency Ratio 66.06%

Financial Performance Overview

Gain a comprehensive perspective on FreedomBank’s financial landscape through our “Financials” table. The bank boasts total assets of $429,249k, showcasing its substantial scale and influential market presence. A nuanced breakdown reveals insights into the bank’s financial structure and stability, with total liabilities standing at $388,747k and total equity capital at $40,502k.

Delve into key operational metrics, including total deposits of $365,402k, net loans and leases at $305k, and a meticulous analysis of income and expense components. Explore vital ratios such as the Tier 1 Risk-Based Capital Ratio, standing at 13.8905, and Return on Assets at 0.93. These metrics provide valuable insights into the bank’s risk management strategies and overall profitability.

This detailed financial overview is designed to enhance your understanding of FreedomBank’s performance and competitive positioning within the financial industry.

FreedomBank Additional Financial Information

(USD, in thousands)

Earnings Coverage of Net Loan Charge-Offs(x) $0 Net Loans and Leases to Core Deposits 87.77%
Tier 1 Risk-Based Capital Ratio 13.89% Securities Gains (Losses) -$21
Goodwill and Other Intangibles N/A Cost of Funding Earning Assets 2.11%
Yield on Earning Assets 5.07% Total Interest Income $5,161
Applicable Income Taxes $45 Loss Allowance to Loans and Leases 1.13%
Net Loans and Leases $304,916 Loss Allowance to Noncurrent Loans and Leases 365.72%
Noncurrent Loans to Loans 0.31% Net Income Attributable to Bank and Noncontrolling Interests $1,023
Net Interest Income $3,010 Net Interest Margin 2.96%
Net Operating Income to Assets 0.95% Noninterest Income to Average Assets 0.30%
Total Noninterest Income $334 Noninterest Expense to Average Assets 2.03%
Total Noninterest Expense $2,230 Net Charge-Offs to Loans and Leases -0.01%
All Other Assets $9,619 Other Real Estate Owned $397
Other borrowed funds $20,134 Pre-tax Net Operating Income $1,089
Pretax Return on Assets 0.97% Return on Assets 0.93%
Retained Earnings to Average Equity (YTD only) 8.28%

Insights into Financial Metrics

Enhance your understanding of FreedomBank’s financial standing through our “Additional Financial Information” table. Explore key metrics such as Net Loans and Leases: $304,916k and Net Interest Income $3,010k to gain valuable insights into the bank’s core operations and revenue streams. Assess the Tier 1 Risk-Based Capital Ratio: 13.8905 for in-depth insights into capital adequacy and risk management strategies.

Delve into the intricacies of Net Charge-Offs to Loans and Leases: -0.01 to evaluate the bank’s asset quality and risk mitigation efforts. Examine the composition of income through Total Noninterest Income:$334k and evaluate operational efficiency using metrics like Efficiency Ratio: 66.06. This nuanced financial overview empowers a comprehensive analysis of FreedomBank’s strategic financial position and performance in the industry.

This table provides key financial information about FreedomBank. Get more data about FreedomBank on Visbanking Report Portal.