Taking Care of Business
First Freedom Bank reports profits up 33 percent
Jul 31, 2014 at 7:00 PM
First Freedom Bank announced year-to-date earnings through the second quarter of $1.52 million were up 33 percent from the same period in 2013.
Total assets grew 7.44 percent to $290 million and outstanding loans were up 9.06 percent to $222 million. The bank’s net interest margin is 4.71 percent. Return on average assets increased to 1.10 percent, and return on shareholder equity improved to 11.54 percent.
The community bank, headquartered in Wilson County, enjoyed two straight years of record earnings while continuing to strengthen its core deposit base through a focus on technology and service. This announcement follows payment of the company’s second-annual dividend, which was 50 percent greater than the previous year.
“We are extremely pleased with our operating results,” 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 50 people. First Freedom Bank has assets in excess of $280 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.