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Freedom Bank of Virginia Q3 profit up on deposit growth 

By Reuters News


Overview

  • U.S. community bank's Q3 net income and EPS rose yr/yr and sequentially

  • Q3 total revenue declined slightly yr/yr, mainly due to reduced mortgage activity

  • Company authorized new 150,000 share buyback after completing prior repurchase program


Outlook

  • Company expects improvement in earnings, loan and deposit growth, and credit quality to continue into 2027

  • Company says liquidity and capital levels provide resiliency amid market rate volatility

  • Company authorized additional 150,000 shares for repurchase as part of capital management strategy


Result Drivers

  • LOAN AND DEPOSIT GROWTH - Co said higher loans held-for-investment and deposit balances contributed to improved earnings

  • ASSET QUALITY IMPROVEMENT - Co said resolution of OREO asset and reduction in non-performing assets supported results

  • EXPENSE REDUCTION - Co said lower expenses helped offset reduced mortgage activity amid higher interest rates


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.17

Q3 Net Interest Income

$7.05 mln

Q3 Basic EPS

$0.17

Q3 CET1 Capital Ratio

13.23%

Q3 Net Interest Margin

2.78%


Reuters Recommended Reads

  • Oct 27 - First Community Bankshares Q3 net income rises 26%

  • Oct 28 - Hope Bancorp Q3 net income rises 16% year over year

  • Oct 29 - Glen Burnie Bancorp Q3 profit rises on net interest income growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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