First Freedom Bank announced its second year of record earnings posting net income of $2.24 million for 2013, an increase of 11 percent compared to 2012.
The community bank, headquartered in Wilson County, enjoyed across-the-board record earnings last year, while continuing to strengthen its core deposit base through a focus on technology and service.
Additional First Freedom Bank financial highlights for 2013 include:
• loan portfolio in excess of $215 million, an increase of 7.9 percent.
• non-interest bearing deposits up 10.6 percent.
• non-CD deposits up 13 percent.
• electronic bill pay use up 32 percent.
• online banking use up 13 percent.
• adjusted core net interest margin of 4.18 percent compared to 4.10 percent in 2012.
“We are extremely pleased with our second straight year of record earnings,” said John Lancaster, president and CEO of First Freedom Bank. “A multitude of positive items contributed to this performance including improvement in our core deposit base, quality loan growth, and prudent management of our expenses and liquidity. We continue to explore technological advancements in pursuit of enhancing the customer experience and effectively managing costs.”
First Freedom Bank was established in 2006. A full-service, community bank, First Freedom Bank offers personal and commercial banking services from three locations in Wilson County and employs more than 45 people. First Freedom Bank has assets in excess of $260 million and is owned by more than 1,100 shareholders from Wilson and surrounding counties. First Freedom Bank is a member of the Better Business Bureau, an Equal Housing Lender and Member FDIC.