Mar, 31, 2021 — FREEDOM FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in Roanoke, VA with 11 branch locations and about $788.84 million in total assets. Opened 65 years ago in 1956, FREEDOM FIRST FEDERAL CREDIT UNION has about 57,696 members and employs 190 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: | 57,696 |
| 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, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $788,843,968 |
| CEO/Manager: | Paul Phillips |
| Chairperson: | Brent G Cochran |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 81,866,227 |
| TOTAL INVESTMENTS | 80,921,040 |
| Loans Held for Sale | 5,186,992 |
| Real Estate Loans | 387,037,362 |
| Unsecured Loans | 32,166,929 |
| Other Loans | 157,615,470 |
| TOTAL LOANS | 576,819,761 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,807,000 |
| Land And Building | 16,532,367 |
| Other Fixed Assets | 1,078,001 |
| NCUSIF Deposit | 5,015,613 |
| All Other Assets | 27,230,967 |
| TOTAL ASSETS | 788,843,968 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 242,393 |
| Notes & Interest Payable | 73,000,000 |
| Accounts Payable & Other Liabilities | 8,345,329 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 6,700,000 |
| Share Drafts | 229,447,357 |
| Regular shares | 187,919,570 |
| All Other Shares & Deposits | 217,298,128 |
| TOTAL SHARES & DEPOSITS | 634,665,055 |
| TOTAL LIABILITIES | 722,952,777 |
| Regular Reserve | 5,751,716 |
| Other Reserves | -14,827 |
| Undivided Earnings | 60,154,302 |
| TOTAL EQUITY | 65,891,191 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 788,843,968 |
| INCOME & EXPENSE | |
| Loan Income | 6,381,022 |
| Investment Income | 172,676 |
| Other Income | 1,181,958 |
| Total Employee Compensation & Benefits | 4,062,668 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,698,465 |
| Non-operating Income & (Expense) | -1,375 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 265,431 |
| Cost of Funds | 1,071,712 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,670,153 |
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