Dec, 31, 2023 — FREEDOM FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in ROANOKE, VA with 15 branch locations and about $1.18 billion in total assets. Opened 68 years ago in 1956, FREEDOM FIRST FEDERAL CREDIT UNION has about 63,576 members and employs 233 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FREEDOM FIRST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 207 Bullitt Ave SE ROANOKE, VA 24013 |
| Phone: | (540) 389-0244 |
| Fax: | |
| Website: | https://www.freedomfirst.com |
| Branches: | 15 branch locations |
| Members: | 63,576 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 11111 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,181,155,376 |
| CEO/Manager: | Paul Phillips |
| Chairperson: | Brent G Cochran |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 94,794,091 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 3,143,238 |
| Real Estate Loans | 720,828,484 |
| Unsecured Loans | 28,029,033 |
| Other Loans | 212,955,024 |
| TOTAL LOANS | 961,812,541 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,562,000 |
| Land And Building | 40,083,391 |
| Other Fixed Assets | 3,051,832 |
| NCUSIF Deposit | 7,464,587 |
| All Other Assets | 1,049,710 |
| TOTAL ASSETS | 1,181,155,376 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 373,865 |
| Notes & Interest Payable | 60,625,000 |
| Accounts Payable & Other Liabilities | 20,008,486 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 26,600,000 |
| Share Drafts | 243,845,843 |
| Regular shares | 168,820,761 |
| All Other Shares & Deposits | 584,258,018 |
| TOTAL SHARES & DEPOSITS | 996,924,622 |
| TOTAL LIABILITIES | 1,104,531,973 |
| Regular Reserve | 0 |
| Other Reserves | -3,618,087 |
| Undivided Earnings | 80,241,490 |
| TOTAL EQUITY | 76,623,403 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,181,155,376 |
| INCOME & EXPENSE | |
| Loan Income | 46,936,139 |
| Investment Income | 3,093,749 |
| Other Income | 5,901,874 |
| Total Employee Compensation & Benefits | 22,600,742 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 16,057,949 |
| Non-operating Income & (Expense) | 1,453,281 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,097,491 |
| Cost of Funds | 21,593,876 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,256,239 |
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