Presentation to Investors
2022 Fourth Quarter and Full Year Update
February 1, 2023
Joseph J. Thomas - President & CEO
Disclosure
This presentation contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates, and expectations include fluctuation in market rates of interest and loan and deposit pricing; adverse changes in the overall national economy, as well as adverse economic conditions in our specific market areas; maintenance and development of well-established and valued client relationships and referral source relationships; and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Federal Financial Institutions Examination Council. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this presentation, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.
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Agenda
Company Overview
Management, Model & Market
Results for Q4 and FY 2022
Investment Summary
Our Company
Franchise Footprint
Company Highlights
Maryland
DC
Virginia
2001
Bank Established in
Vienna, VA
$985,063,133
Assets as of
December 31, 2022
1.16%
ROAA, Twelve Months
Ended
December 31, 2022
15.28%
Non-Interest Income/Total
Revenue
105
Total Employees
13.37%
CET1 Capital Ratio as of
December 31, 2022
61.11%
Efficiency Ratio, Twelve
Months Ended December
31, 2022
0.89%
Cost of Funds, Twelve
Months Ended December
31, 2022
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Top Quartile Profitability Amongst Peers(1)
Return on Average Assets (%) | Return on Average Equity (%) | ||||||||||||||||||||
1.27% | 13.60% | 13.55% | |||||||||||||||||||
1.16% | |||||||||||||||||||||
1.12% | VA Peer(1) 2022Y | 10.83% | |||||||||||||||||||
VA Peer(1) 2022Y | |||||||||||||||||||||
Median ROAE: 10.88% | |||||||||||||||||||||
Median ROAA: 1.01% | |||||||||||||||||||||
0.55% | 0.55% | 5.32% | |||||||||||||||||||
4.39% | |||||||||||||||||||||
0.04% | 0.34% | ||||||||||||||||||||
2017Y | 2018Y | 2019Y | 2020Y | 2021Y | 2022Y | 2017Y | 2018Y | 2019Y | 2020Y | 2021Y | 2022Y | ||||||||||
Net Income ($M) | Efficiency Ratio (%) | ||||||||||||||||||||
$10.7 | $10.6 | 91.1% | |||||||||||||||||||
84.5% | |||||||||||||||||||||
$7.4 | 77.2% | ||||||||||||||||||||
69.6% | |||||||||||||||||||||
61.4% | 61.1% | ||||||||||||||||||||
$2.9 | $2.7 | ||||||||||||||||||||
$0.2 | |||||||||||||||||||||
2017Y | 2018Y | 2019Y | 2020Y | 2021Y | 2022Y | 2017Y | 2018Y | 2019Y | 2020Y | 2021Y | 2022Y |
Highlights
- Results of a three-year effort to implement a new strategic plan are currently on full display
- Historically consistent performance leading to sustained growth in pre-tax,pre-provision profitability
- Completed a bank-wide reorganization and balance sheet repositioning in 2018 under new leadership with Joe Thomas
- While cyclical changes in the economy have led fee-based revenue to fall, the decline was largely offset by very strong core income from loan growth and NIM expansion
- Profitability above median Virginia
peer levels(1)
Note: All references to financial data prior to holding company formation are bank level
Note: 2022YTD financial data as of the quarter ended September 30, 2022
(1) VA Peers include banks headquartered in Virginia with Total Assets
<$10.0B; YTD financial data as of most recently reported quarter on January 31, 2023
Source: S&P Capital IQ Pro
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Freedom Bank of Virginia published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 12:40:03 UTC.