Business
Safe Harbor Financial Announces First Quarter 2023 Financial Results
- Processed a record $1.1 billion in deposits; monthly average balances on deposit increased 55% versus the same prior year period - - Increased deposit
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Processed a record $1.1 billion in deposits; monthly average balances on deposit increased 55% versus the same prior year period - - Increased deposit capacity by up to $1 billion through recent Five Star Bank partnership - - Significantly strengthened balance sheet, reduced total debt obligations by more than 60% - GOLDEN, Colo., May 15, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, today announced its financial results for the quarter ended March 31, 2023 (“Q1 2023”). All financial information is provided in U.S. dollars unless otherwise indicated and is prepared under U.S. Generally Accepted Accounting Principles (“GAAP”). Q1 2023 Financial Highlights Revenue increased 150% to $4.2 million, compared to $1.7 million in Q1 2022Processed deposits increased 33% to $1.1 billion compared to $808.5 million in Q1 2022Monthly average number of accounts held with financial institution (“FI”) clients increased 68% to 993, compared to 590 in Q1 2022Monthly average balances on deposit held with FI clients increased 55% to $213.6 million, compared to $137.7 million in Q1 2022Balance sheet debt decreased approximately 60%; resolving more than $68.6 million of debt payables reported at year end 2022Ended Q1 2023 with $8.6 million in cash “For the first time in Safe Harbor’s history, we surpassed $1 billion in quarterly processed deposits, which reflects the regulated cannabis industry’s continued need for reliable and fully compliant financial services,” said Sundie Seefried, Chief Executive Officer at Safe Harbor. “During the quarter, our monthly average balances on deposit also reached a new high, putting the Company in an even better position as we continue to build our lending portfolio. Given this strong momentum, our recently announced partnership with Five Star Bank comes at an opportune time in Safe Harbor’s evolution: by increasing our capacity to accept up to an additional $1 billion in cannabis-business related deposits, this partnership supports Safe Harbor’s continued investment and deposit income growth, while enabling us to deliver the most robust and affordable cannabis banking solution available.” First Quarter 2023 Operational Highlights On Febru...