Freedom (US:FRHC) Prnewswireยท2025-01-31 13:30Core Insights - Freedom Financial Holdings reported a net income of $1,156,906 or $0.16 per diluted share for Q4 2024, a significant increase from a net income of $344,919 or $0.05 per diluted share in the previous quarter and a net loss of $2,006,392 or -$0.27 per diluted share in Q4 2023 [1][7] - For the full year 2024, net income reached $4,710,284 or $0.64 per diluted share, compared to $2,318,660 or $0.32 per diluted share in 2023, marking a 103.2% increase [2][7] Financial Performance - The company achieved a net interest income of $6.42 million in Q4 2024, up 5.34% from the previous quarter but down 5.10% from Q4 2023 [4] - The net interest margin for Q4 2024 was 2.44%, an increase of 12 basis points from the previous quarter but a decrease of 18 basis points from the same period in 2023 [4][7] - Non-interest income for Q4 2024 was $1.27 million, reflecting a 10.14% increase from the previous quarter and a 23.88% increase from Q4 2023 [9][10] Asset Quality - Non-accrual loans amounted to $13,672,696 or 1.78% of loans held-for-investment as of December 31, 2024, compared to 1.52% in the previous quarter [14] - The ratio of non-performing assets to total assets was 1.25% as of December 31, 2024, slightly up from 1.22% in the previous year [14] Capital and Liquidity - Total assets were reported at $1.09 billion as of December 31, 2024, a slight increase from $1.08 billion a year earlier [17] - The company maintained strong capital ratios, with a Total Capital Ratio of 14.35% and a Common Equity Tier 1 Ratio of 13.57% as of December 31, 2024 [19] Efficiency and Expenses - The Efficiency Ratio improved to 84.07% for Q4 2024, down from 88.13% in the previous quarter but higher than 73.93% in Q4 2023 [13][27] - Non-interest expenses increased by 1.21% compared to the previous quarter and by 12.25% compared to Q4 2023, primarily due to higher compensation and data processing costs [12][27]