Business
Safe Harbor Financial Reports Third Quarter 2022 Financial Results
-- Revenue increased 38.6% to $2.38 Million in Third Quarter on a YoY Basis-- -- Loan Originations increased 424% For The First Nine Months to $18.9 Million,
About this update from Shf Holdings, Inc.
[{"type":"text","content":"-- Revenue increased 38.6% to $2.38 Million in Third Quarter on a YoY Basis--\n-- Loan Originations increased 424% For The First Nine Months to $18.9 Million, Compared to the full Year 2021 --\n-- Total accounts reach 683, up 22% compared to September 2021 --\nARVADA, Colo., Nov. 14, 2022 /PRNewswire/ -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (\"Safe Harbor\" or the \"Company\") (NASDAQ: SHFS), a leader in facilitating financial services to the regulated cannabis industry, announced today its financial results for the third quarter ended September 30, 2022.\nFounder and Chief Executive Officer, Sundie Seefried, commented, \"2022 has been a transformative year for Safe Harbor, highlighted by our successful public listing on the Nasdaq in September. Throughout the year, Safe Harbor has continued to firmly establish itself as a leading provider of compliant financing and banking solutions to the regulated U.S. cannabis industry. We are strongly positioned to scale our proprietary financial services platform to support the evolving banking needs of cannabis related businesses and growth of the cannabis industry.\"\n\"I am pleased to report, we have totaled nearly 700 accounts placed with us and increased our loan interest revenue by 1,400% in the third quarter of 2022 due to our ability to place a greater volume of high-quality credit. We remain focused on increasing our deposit base and expanding our loan services platform going forward. As of November 2, 2022, we have approximately $24.4 million of Safe Harbor originated loans in underwriting, which will continue to drive Safe Harbor's financial growth. We remain steadfast in our mission to service the growing banking needs of the cannabis industry with our platform as we execute on our strategy.\" concluded Ms. Seefried.\nThird Quarter Financial and Operational Highlights\nSafe Harbor completed its business combination transaction with Northern Lights Acquisition Corp and began trading on the Nasdaq Capital Markets on September 29, 2022.Revenue increased 38.6% to $2.38 million for the three-months ended September 30, 2022, compared to $1.72 million for the third quarter of 2021. The increase was primarily attributable to the Company's increase in investment income as a result of recent Federal Reserves interest rate increases and an increases in loan interest income.Adj...