Dec, 31, 2020 — FREEDOM FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in Roanoke, VA with 11 branch locations and about $743.42 million in total assets. Opened 65 years ago in 1956, FREEDOM FIRST FEDERAL CREDIT UNION has about 57,138 members and employs 189 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) | 5240 Valleypark Drive Roanoke, VA 24019 |
| Phone: | (866) 389-0244 |
| Fax: | |
| Website: | http://www.freedomfirst.com |
| Branches: | 11 branch locations |
| Members: | 57,138 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 11111 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Mar 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $743,421,987 |
| CEO/Manager: | Paul Phillips |
| Chairperson: | Brent G Cochran |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 76,907,134 |
| TOTAL INVESTMENTS | 48,507,450 |
| Loans Held for Sale | 4,876,532 |
| Real Estate Loans | 369,858,050 |
| Unsecured Loans | 33,849,248 |
| Other Loans | 159,824,053 |
| TOTAL LOANS | 563,531,351 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,612,790 |
| Land And Building | 16,472,565 |
| Other Fixed Assets | 1,101,744 |
| NCUSIF Deposit | 5,015,613 |
| All Other Assets | 32,622,388 |
| TOTAL ASSETS | 743,421,987 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 246,251 |
| Notes & Interest Payable | 73,125,000 |
| Accounts Payable & Other Liabilities | 8,767,890 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 6,900,000 |
| Share Drafts | 210,416,320 |
| Regular shares | 166,782,542 |
| All Other Shares & Deposits | 213,293,064 |
| TOTAL SHARES & DEPOSITS | 590,491,926 |
| TOTAL LIABILITIES | 679,531,067 |
| Regular Reserve | 5,751,716 |
| Other Reserves | 655,055 |
| Undivided Earnings | 57,484,149 |
| TOTAL EQUITY | 63,890,920 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 743,421,987 |
| INCOME & EXPENSE | |
| Loan Income | 25,465,977 |
| Investment Income | 885,382 |
| Other Income | 13,905,808 |
| Total Employee Compensation & Benefits | 16,080,796 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,575,395 |
| Non-operating Income & (Expense) | -283,809 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,995,160 |
| Cost of Funds | 5,239,980 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 5,082,027 |
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