Business
Safe Harbor Financial Announces Second Quarter 2023 Results
Revenue of $4.6 million Second consecutive quarter of more than $1.1 billion in processed deposits; monthly average Balances on Deposit increased 60% versus
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Revenue of $4.6 million Second consecutive quarter of more than $1.1 billion in processed deposits; monthly average Balances on Deposit increased 60% versus the same period last year Closed over $15 million in cannabis commercial real estate loans during the quarter GOLDEN, Colo., Aug. 14, 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, announced today its results for the quarter ended June 30, 2023 (“Q2 2023”). Q2 2023 Financial and Operational Highlights Revenue increased 147% to $4.6 million, compared to $1.9 million in Q2 2022;Total deposits increased 36% to $1.1 billion compared to $808.4 million in Q2 2022;Monthly average number of accounts held with financial institution (“FI”) clients increased 65% to 1,002 compared to 608 in Q2 2022;Monthly average balances on deposit held with FI clients increased 60% to $230.7 million, compared to $143.8 million in Q2 2022;Loan Book value at the end of Q2 2023 was $35.9 million as compared to $18.5 million in Q2 2022;Ended Q2 2023 with $8.2 million in cash. “Our second quarter results reflect the hard work and commitment of our team as well as the confidence our cannabis customers and financial institution partners have in Safe Harbor’s ability to support their growth objectives, operating in an industry that requires an extremely high level of compliance, validation and monitoring,” said Sundie Seefried, Chief Executive Officer of Safe Harbor. “Our ability to increase both deposits and lending to Cannabis Related Businesses (CRB’s) in the second quarter resulted in record quarterly revenue and our second consecutive quarter of positive Adjusted EBITDA. Our ability to successfully execute against our emerging lending practice, which resulted in $15 million in loans originated during the quarter, has been a key growth driver this quarter and demonstrates a tremendous opportunity to further expand our fintech platform. In addition, our relationship with Five Star Bank continues to grow, which has allowed us to increase our deposit capacity by $1 billion, while also providing Safe Harbor the support it requires to expand nationally, further driving shareholder value.” Second Quarter 2023 Operational Highlights On ...