Freedom Bank (NJ)

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Overview 2021

General Bank Information

FDIC Insured Yes
FDIC Certificate # 58712
Date Established 2008
Assets $ 540.48 million
Loans $ 476.56 million
Deposits $ 450.60 million
Capital $ 51.82 million

Summary Balance Sheet

ASSETS
Cash & Balances due from depository institutions $ 3.78 million
Interest-bearing balances $ 0.56 million
Total securities $ 8.59 million
Federal funds sold and reverse repurchase $ 33.40 million
Net loans and leases $ 476.56 million
Loan loss allowance $ 5.24 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 15.86 million
     Total Assets $ 488.66 million

LIABILITIES
Total deposits $ 450.60 million
      Interest-bearing deposits $ 384.27 million
      Deposits held in domestic offices $ 450.60 million
      % insured (estimated) 70.97%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 35.79 million
Subordinated debt N.A.
All other liabilities $ 2.28 millionn
      Total Liabilities $ 488.66 million
      Shareholders’ Equity $ 51.82 million

Summary Income Statement

INCOME AND EXPENSES
Total Interest Income $ 22.78 million
Total Interest Expense $ 6.91 million
Net interest income $ 15.87 million
Provision for loan and lease losses $ 0.30 million
Total non interest income $ 0.61 million
Total non interest expense $ 10.87 million
Pre-tax Net Operating Income $ 5.31 million

Freedom Bank (NJ) is an FDIC insured institution headquartered at 99 West Essex Street, Maywood, NJ 7607.
It was founded in 2008 and has approximately $1 billion in assets. Customers can open an account at one of its 3 branches.