Safe Harbor Financial reported its financial results for the third quarter ended September 30, 2024, with net income increasing to $0.35 million, a significant improvement from a net loss of approximately $748,000 in the prior year period. Loan interest income saw substantial growth, increasing 48% year-over-year for the third quarter and 143.5% for the nine months ended September 30, 2024.
Total revenue for the third quarter was $3.50 million, a decrease from $4.3 million in the prior year period, primarily due to a reduction in deposit activity and onboarding income related to the Abaca acquisition. Operating expenses for the third quarter decreased by 13.2% to approximately $3.3 million compared to the prior year, and by 66.4% for the nine-month period, driven by lower stock compensation, headcount reductions, and decreased general and administrative expenses.
As of September 30, 2024, the company held $5.9 million in cash and cash equivalents, an increase from $4.9 million at December 31, 2023. The improvement in net income was attributed to lower expenses across the company and a greater number of performing loans at better interest rates.
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