Freedom Bank

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Overview 2021

General Bank Information

FDIC Insured Yes
FDIC Certificate # 58712
Date Established 2008
Assets $ 523.03 million
Loans $ 460.06 million
Deposits $ 432.51 million
Capital $ 51.32 million

Summary Balance Sheet

ASSETS
Cash & Balances due from depository institutions $ 3.86 million
Interest-bearing balances $ 0.56 million
Total securities $ 8.61 million
Federal funds sold and reverse repurchase $ 32.63 million
Net loans and leases $ 460.06 million
Loan loss allowance $ 5.14 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 $ 15.47 million
     Total Assets $ 471.70 million

LIABILITIES
Total deposits $ 432.51 million
      Interest-bearing deposits $ 370.70 million
      Deposits held in domestic offices $ 432.51 million
      % insured (estimated) 71.86%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 36.95 million
Subordinated debt N.A.
All other liabilities $ 2.24 millionn
      Total Liabilities $ 471.70 million
      Shareholders’ Equity $ 51.32 million

Summary Income Statement

INCOME AND EXPENSES
Total Interest Income $ 16.90 million
Total Interest Expense $ 5.60 million
Net interest income $ 11.30 million
Provision for loan and lease losses $ 0.21 million
Total non interest income $ 0.44 million
Total non interest expense $ 8.10 million
Pre-tax Net Operating Income $ 3.43 million

Freedom Bank 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.