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FREEDOM FIRST FEDERAL CREDIT UNION

Jun, 30, 2024 — FREEDOM FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in ROANOKE, VA with 14 branch locations and about $1.03 billion in total assets. Opened 68 years ago in 1956, FREEDOM FIRST FEDERAL CREDIT UNION has about 61,586 members and employs 229 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 251483023
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:14 branch locations
Members:61,586
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, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$1,025,500,443
CEO/Manager:Paul Phillips
Chairperson:Brent G Cochran

Call Report

  • Credit Builder
  • Payday Alternative Loans (PAL Loans)
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 42,576,676
TOTAL INVESTMENTS 0
Loans Held for Sale 1,255,233
 
 Real Estate Loans 627,666,679
 Unsecured Loans 27,636,573
 Other Loans 216,301,780
 TOTAL LOANS 871,605,032
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -6,407,000
 Land And Building 33,425,696
 Other Fixed Assets 2,113,531
 NCUSIF Deposit 6,379,215
 All Other Assets 67,735
  TOTAL ASSETS 1,025,500,443
LIABILITIES & CAPITAL:  
 Dividends Payable 247,631
 Notes & Interest Payable 73,725,000
 Accounts Payable & Other Liabilities 15,398,966
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 26,900,000
 Share Drafts 261,190,697
 Regular shares 200,511,745
 All Other Shares & Deposits 376,071,245
  TOTAL SHARES & DEPOSITS 837,773,687
  TOTAL LIABILITIES 954,045,284
 Regular Reserve 0
 Other Reserves -4,051,838
 Undivided Earnings 75,506,997
  TOTAL EQUITY 71,455,159
  TOTAL LIABILITIES, SHARES, & EQUITY 1,025,500,443
INCOME & EXPENSE  
 Loan Income 24,105,277
 Investment Income -61,648
 Other Income 4,296,085
 Total Employee Compensation & Benefits 16,089,472
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 10,586,733
 Non-operating Income & (Expense) -28,456
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 853,733
 Cost of Funds 4,085,464
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 4,908,826
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